Dynamic Technology Lab Private Ltd Buys New Holdings in M&T Bank Co. (NYSE:MTB)

Dynamic Technology Lab Private Ltd purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,430 shares of the financial services provider’s stock, valued at approximately $1,021,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MTB. Norges Bank acquired a new position in M&T Bank in the 4th quarter valued at about $317,690,000. State Street Corp grew its position in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after purchasing an additional 252,583 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank during the 3rd quarter worth approximately $44,422,000. Finally, Amundi boosted its stake in M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 3.8 %

Shares of NYSE MTB opened at $157.13 on Friday. The stock has a 50-day moving average price of $186.82 and a two-hundred day moving average price of $192.67. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $25.82 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the business posted $2.74 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.44%. M&T Bank’s dividend payout ratio is currently 36.91%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

MTB has been the topic of several recent research reports. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Truist Financial cut their price objective on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a report on Friday. Evercore ISI lowered their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Barclays boosted their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Compass Point increased their price target on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $215.97.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.