NorthRock Partners LLC Makes New Investment in M&T Bank Co. (NYSE:MTB)

NorthRock Partners LLC bought a new position in M&T Bank Co. (NYSE:MTB) during the fourth quarter, Holdings Channel.com reports. The firm bought 1,211 shares of the financial services provider’s stock, valued at approximately $228,000.

Other institutional investors also recently modified their holdings of the company. FMR LLC lifted its holdings in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of M&T Bank by 5.0% during the 4th 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. Geode Capital Management LLC raised its stake in shares of M&T Bank by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after purchasing an additional 40,948 shares during the period. Norges Bank purchased a new position in shares of M&T Bank in the 4th quarter worth about $317,690,000. Finally, Northern Trust Corp grew its position in M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after buying an additional 215,100 shares during the period. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Wells Fargo & Company decreased their price target on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. TD Cowen started coverage on M&T Bank in a research note on Thursday. They issued a “buy” rating and a $230.00 price objective on the stock. Truist Financial reduced their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, DA Davidson cut their price target on M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $209.33.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’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 transaction, the executive vice president now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $187.78 on Monday. M&T Bank Co. has a 12 month low of $139.78 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 stock has a market cap of $30.14 billion, a P/E ratio of 12.83, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a 50 day moving average of $171.22 and a 200 day moving average of $189.23.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share 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 analysts’ expectations of $2.35 billion. During the same period in the previous year, the business earned $3.09 EPS. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

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

M&T Bank declared that its board has approved a stock buyback plan 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 reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.