Prudential Financial Inc. Increases Holdings in M&T Bank Co. (NYSE:MTB)

Prudential Financial Inc. lifted its position in M&T Bank Co. (NYSE:MTB) by 30.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 149,681 shares of the financial services provider’s stock after buying an additional 35,001 shares during the period. Prudential Financial Inc.’s holdings in M&T Bank were worth $28,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of MTB. Y.D. More Investments Ltd lifted its holdings in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC purchased a new stake in shares of M&T Bank during the 4th quarter valued at about $44,000. Sierra Ocean LLC bought a new position in shares of M&T Bank in the 4th quarter worth approximately $44,000. Principal Securities Inc. boosted its holdings in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in M&T Bank during the third quarter valued at approximately $91,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 0.3 %

MTB opened at $182.97 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a market cap of $30.06 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a 50-day moving average price of $190.58 and a 200 day moving average price of $192.56.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the business earned $2.74 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a share repurchase plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.95%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley decreased their price target on shares of 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. Barclays raised their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Evercore ISI cut their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, DA Davidson boosted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. 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 company has a consensus rating of “Hold” and a consensus price target of $219.97.

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.