M&T Bank Co. (NYSE:MTB) Stock Holdings Lifted by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. lifted its position in M&T Bank Co. (NYSE:MTB) by 281.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 785 shares of the financial services provider’s stock after acquiring an additional 579 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in M&T Bank were worth $148,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. FMR LLC grew its position in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp grew its position in M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank during the third quarter valued at approximately $44,422,000. Charles Schwab Investment Management Inc. grew its position in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in M&T Bank by 30.8% during the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock valued at $106,871,000 after purchasing an additional 141,337 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael J. Todaro sold 4,786 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. The trade was a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,397 shares of company stock worth $6,379,459 in the last ninety days. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MTB. Piper Sandler boosted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Evercore ISI boosted their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Bank of America boosted their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada boosted their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $200.59 on Friday. The stock has a market capitalization of $33.28 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.41 and a beta of 0.79. M&T Bank Co. has a 1-year low of $129.36 and a 1-year high of $225.70. The firm has a fifty day simple moving average of $197.49 and a 200-day simple moving average of $187.72. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its 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 quarter in the previous year, the company posted $2.74 earnings per share. On average, sell-side analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its Board of Directors has initiated 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is currently 36.91%.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.