Jacobi Capital Management LLC Grows Stake in M&T Bank Co. (NYSE:MTB)

Jacobi Capital Management LLC grew its holdings in M&T Bank Co. (NYSE:MTB) by 15.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 8,049 shares of the financial services provider’s stock after buying an additional 1,105 shares during the quarter. Jacobi Capital Management LLC’s holdings in M&T Bank were worth $1,513,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Plato Investment Management Ltd raised its position in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank in the 3rd quarter worth approximately $32,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 158 shares in the last quarter. Y.D. More Investments Ltd raised its position in shares of M&T Bank by 122.6% in the 4th 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. Finally, Human Investing LLC bought a new position in shares of M&T Bank in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MTB. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and raised their price target for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $221.68.

Insider Buying and Selling at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.82% of the stock is currently owned by company insiders.

M&T Bank Stock Up 1.2 %

M&T Bank stock opened at $191.68 on Friday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week 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 firm has a 50 day moving average price of $195.03 and a 200 day moving average price of $191.13. The company has a market capitalization of $31.50 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $2.74 earnings per share. Research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.82%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.