Northeast Investment Management Makes New $824,000 Investment in M&T Bank Corporation $MTB

Northeast Investment Management purchased a new stake in M&T Bank Corporation (NYSE:MTB) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,091 shares of the financial services provider’s stock, valued at approximately $824,000.

A number of other institutional investors also recently modified their holdings of MTB. Canoe Financial LP lifted its holdings in shares of M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after purchasing an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY bought a new stake in shares of M&T Bank in the fourth quarter valued at about $42,817,000. Danske Bank A S bought a new stake in shares of M&T Bank in the third quarter valued at about $29,612,000. Russell Investments Group Ltd. lifted its holdings in shares of M&T Bank by 94.9% in the third quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock valued at $57,879,000 after purchasing an additional 142,593 shares in the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its holdings in shares of M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock valued at $71,462,000 after purchasing an additional 95,025 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, EVP Michael A. Wisler sold 8,237 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the completion of the sale, the executive vice president directly owned 4,643 shares in the company, valued at approximately $1,037,617.64. This trade represents a 63.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.44% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research reports. Jefferies Financial Group boosted their price target on M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 16th. The Goldman Sachs Group boosted their price target on M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, April 6th. JPMorgan Chase & Co. lowered their target price on M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. UBS Group set a $235.00 target price on M&T Bank in a research report on Thursday, April 16th. Finally, Morgan Stanley lowered their target price on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $235.32.

M&T Bank Price Performance

Shares of NYSE MTB opened at $208.85 on Wednesday. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $239.00. The business’s 50 day moving average price is $211.10 and its two-hundred day moving average price is $207.47. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company has a market cap of $30.59 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.05 and a beta of 0.59.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period in the previous year, the company posted $3.32 earnings per share. On average, analysts predict that M&T Bank Corporation will post 18.69 EPS for the current year.

M&T Bank declared that its Board of Directors has authorized a stock buyback plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, June 1st. M&T Bank’s dividend payout ratio is presently 33.59%.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.