Rockefeller Capital Management L.P. Takes $2.04 Million Position in M&T Bank Co. (NYSE:MTB)

Rockefeller Capital Management L.P. bought a new stake in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,854 shares of the financial services provider's stock, valued at approximately $2,035,000.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Norges Bank purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $317,690,000. Charles Schwab Investment Management Inc. grew its holdings in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after acquiring an additional 252,583 shares during the period. Amundi raised its position in M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after acquiring an additional 244,709 shares in the last quarter. Finally, LGT Capital Partners LTD. acquired a new position in shares of M&T Bank during the 4th quarter worth $34,803,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company's stock.

M&T Bank Trading Down 0.9 %

Shares of M&T Bank stock traded down $1.44 during trading hours on Friday, reaching $167.72. The stock had a trading volume of 243,952 shares, compared to its average volume of 1,412,372. The firm has a market capitalization of $27.55 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a 50 day simple moving average of $174.48 and a two-hundred day simple moving average of $190.77.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly 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 net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm earned $3.09 earnings per share. As a group, equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.22%. M&T Bank's dividend payout ratio (DPR) is currently 36.17%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MTB. Wells Fargo & Company decreased their price target on M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target for the company in a research note on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Morgan Stanley cut their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $208.24.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.