First Trust Advisors LP Purchases 33,017 Shares of M&T Bank Co. (NYSE:MTB)

First Trust Advisors LP grew its position in shares of M&T Bank Co. (NYSE:MTB) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,605,724 shares of the financial services provider’s stock after acquiring an additional 33,017 shares during the quarter. First Trust Advisors LP owned about 0.97% of M&T Bank worth $301,892,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of MTB. Barclays PLC raised its holdings in M&T Bank by 11.9% during the third quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after buying an additional 61,375 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of M&T Bank by 80.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock worth $2,476,000 after acquiring an additional 6,205 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of M&T Bank by 45.5% in the 3rd quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock worth $3,986,000 after acquiring an additional 6,717 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in M&T Bank in the 3rd quarter valued at about $1,834,000. Finally, Principal Financial Group Inc. boosted its stake in M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MTB. Truist Financial lowered their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday. Morgan Stanley dropped their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company reduced their target price on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday. Citigroup dropped their price target on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Finally, Evercore ISI reduced their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $208.14.

M&T Bank Stock Up 0.8 %

Shares of NYSE MTB opened at $160.09 on Friday. The business’s fifty day moving average price is $177.25 and its 200-day moving average price is $191.10. M&T Bank Co. has a one year low of $139.56 and a one year high of $225.70. The stock has a market capitalization of $26.30 billion, a PE ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the business earned $3.09 EPS. On average, equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

M&T Bank announced that its board has authorized a stock repurchase plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at M&T Bank

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 shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Company 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.