AQR Capital Management LLC Purchases 63,792 Shares of M&T Bank Co. (NYSE:MTB)

AQR Capital Management LLC lifted its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 59.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 171,707 shares of the financial services provider's stock after buying an additional 63,792 shares during the period. AQR Capital Management LLC owned about 0.10% of M&T Bank worth $32,283,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Y.D. More Investments Ltd boosted its position in M&T Bank by 122.6% during 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 during the period. Human Investing LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth approximately $44,000. Sierra Ocean LLC purchased a new position in M&T Bank during the fourth quarter valued at approximately $44,000. Loomis Sayles & Co. L P acquired a new position in M&T Bank in the 4th quarter valued at approximately $52,000. Finally, Principal Securities Inc. lifted its position in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after buying an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB traded down $2.65 during mid-day trading on Tuesday, reaching $172.78. The company had a trading volume of 1,100,959 shares, compared to its average volume of 1,124,658. The company has a market capitalization of $28.39 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.38 and a beta of 0.58. The company's 50-day moving average is $171.16 and its 200-day moving average is $190.08. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. 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 - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS 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 during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $3.09 EPS. On average, equities analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.17%.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on MTB shares. Truist Financial cut their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. 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 report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a research report on Thursday, April 24th. Barclays cut their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. Finally, Royal Bank of Canada decreased their price objective on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus 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.