Pinkerton Retirement Specialists LLC Purchases Shares of 4,166 M&T Bank Co. (NYSE:MTB)

Pinkerton Retirement Specialists LLC purchased a new stake in M&T Bank Co. (NYSE:MTB) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 4,166 shares of the financial services provider’s stock, valued at approximately $783,000.

A number of other large investors also recently bought and sold shares of MTB. Barclays PLC lifted its holdings in M&T Bank by 11.9% in the third quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after acquiring an additional 61,375 shares during the period. Merit Financial Group LLC lifted its holdings in M&T Bank by 46.0% in the fourth quarter. Merit Financial Group LLC now owns 1,889 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 595 shares during the period. HB Wealth Management LLC lifted its holdings in M&T Bank by 6.8% in the fourth quarter. HB Wealth Management LLC now owns 2,672 shares of the financial services provider’s stock valued at $502,000 after acquiring an additional 170 shares during the period. Aaron Wealth Advisors LLC acquired a new position in M&T Bank in the fourth quarter valued at approximately $236,000. Finally, Ballentine Partners LLC raised its stake in shares of M&T Bank by 23.0% during the 4th quarter. Ballentine Partners LLC now owns 2,130 shares of the financial services provider’s stock worth $400,000 after buying an additional 398 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Down 3.1%

NYSE MTB opened at $180.03 on Thursday. The business has a fifty day moving average price of $171.92 and a 200 day moving average price of $189.11. M&T Bank Co. has a one year low of $139.78 and a one year 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 cap of $28.90 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its earnings results 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). The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the previous year, the company earned $3.09 earnings per share. Research analysts anticipate 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 will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.00%. The ex-dividend date is Monday, June 2nd. M&T Bank’s payout ratio is currently 36.17%.

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

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on M&T Bank in a research note on Wednesday. They set a “buy” rating and a $225.00 target price for the company. DA Davidson reduced their target price 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. 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. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Truist Financial reduced their target price on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $212.53.

Insider Buying and Selling at M&T Bank

In other M&T Bank 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 directly owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by company insiders.

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.