ProShare Advisors LLC Boosts Holdings in M&T Bank Co. (NYSE:MTB)

ProShare Advisors LLC grew its position in M&T Bank Co. (NYSE:MTB) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,587 shares of the financial services provider’s stock after purchasing an additional 2,597 shares during the quarter. ProShare Advisors LLC’s holdings in M&T Bank were worth $8,007,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Banque Transatlantique SA purchased a new position in M&T Bank during the 4th quarter worth $38,000. Y.D. More Investments Ltd boosted its holdings in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC purchased a new stake in shares of M&T Bank during the fourth quarter worth about $44,000. Sierra Ocean LLC purchased a new position in shares of M&T Bank in the 4th quarter valued at approximately $44,000. Finally, Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank in the 4th quarter valued at approximately $52,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MTB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Evercore ISI dropped their price objective 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 reduced their target price on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research note on Thursday, April 24th. Finally, Robert W. Baird reduced their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $209.33.

M&T Bank Price Performance

Shares of NYSE MTB opened at $187.78 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market capitalization of $30.14 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.38 and a beta of 0.58. The firm’s 50 day simple moving average is $171.22 and its 200-day simple moving average is $189.27. M&T Bank Co. has a 12 month low of $139.78 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 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 firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business posted $3.09 EPS. Analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

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

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

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.