Mufg Securities Americas Inc. Acquires New Shares in M&T Bank Co. (NYSE:MTB)

Mufg Securities Americas Inc. acquired a new position in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, Holdings Channel.com reports. The firm acquired 2,749 shares of the financial services provider’s stock, valued at approximately $517,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Man Group plc lifted its holdings in shares of M&T Bank by 8.5% during the 4th quarter. Man Group plc now owns 41,464 shares of the financial services provider’s stock valued at $7,796,000 after purchasing an additional 3,242 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in M&T Bank by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,386 shares of the financial services provider’s stock worth $3,858,000 after buying an additional 313 shares during the period. NorthRock Partners LLC bought a new position in M&T Bank in the fourth quarter valued at approximately $228,000. Nuveen Asset Management LLC boosted its holdings in shares of M&T Bank by 22.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock valued at $294,662,000 after buying an additional 286,049 shares during the period. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of M&T Bank during the fourth quarter worth $16,562,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Trading Up 0.9%

Shares of NYSE:MTB opened at $187.06 on Friday. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a market capitalization of $30.03 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company has a 50-day simple moving average of $170.90 and a 200 day simple moving average of $189.38.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company earned $3.09 EPS. Sell-side analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.89%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is 36.17%.

M&T Bank declared that its board has authorized a stock buyback plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MTB. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. TD Cowen initiated coverage on M&T Bank in a research report on Thursday. They set a “buy” rating and a $230.00 price objective for the company. Truist Financial dropped their target price on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company reduced their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research report on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $209.33.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

About M&T Bank

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.