Note Advisors LLC Takes $339,000 Position in M&T Bank Co. (NYSE:MTB)

Note Advisors LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,805 shares of the financial services provider’s stock, valued at approximately $339,000.

Several other large investors have also modified their holdings of MTB. FMR LLC lifted its stake in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock valued at $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank acquired a new position in shares of M&T Bank in the 4th quarter valued at about $317,690,000. Finally, Northern Trust Corp lifted its stake in shares of M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of several research analyst reports. Robert W. Baird reduced their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Piper Sandler reduced their price objective on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. TD Cowen assumed coverage on M&T Bank in a research report on Thursday, May 15th. They set a “buy” rating and a $230.00 price target on the stock. Finally, Morgan Stanley reduced their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Moderate Buy” and an average target price of $209.33.

M&T Bank Trading Down 0.9%

Shares of MTB stock opened at $185.73 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The stock has a fifty day moving average of $171.84 and a two-hundred day moving average of $189.18. The firm has a market capitalization of $29.81 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm posted $3.09 EPS. As a group, research analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.91%. M&T Bank’s dividend payout ratio (DPR) is 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.