Cerity Partners LLC Increases Stake in M&T Bank Co. (NYSE:MTB)

Cerity Partners LLC increased its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 9.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,496 shares of the financial services provider's stock after purchasing an additional 2,905 shares during the period. Cerity Partners LLC's holdings in M&T Bank were worth $6,382,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. FMR LLC lifted its position in shares of M&T Bank by 14.3% during 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 buying an additional 1,761,014 shares during the last quarter. Norges Bank purchased a new position in M&T Bank in the fourth quarter worth $317,690,000. Charles Schwab Investment Management Inc. increased its position in shares of 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 purchasing an additional 252,583 shares in the last quarter. Amundi lifted its holdings in shares of M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after purchasing an additional 244,709 shares during the last quarter. Finally, LGT Capital Partners LTD. acquired a new stake in shares of M&T Bank in the 4th quarter worth $34,803,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Up 2.0 %

Shares of MTB traded up $3.18 during mid-day trading on Thursday, reaching $162.08. The company's stock had a trading volume of 433,554 shares, compared to its average volume of 1,109,361. The company's 50 day moving average is $178.78 and its 200 day moving average is $191.32. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market cap of $26.63 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 12-month low of $137.76 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company posted $3.09 EPS. Equities analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 yield of 3.33%. M&T Bank's dividend payout ratio is presently 36.91%.

M&T Bank declared that its board has initiated a share buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays lowered their price target on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a report on Tuesday. Wells Fargo & Company cut their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a report on Tuesday. Morgan Stanley cut their price objective on shares of 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. Evercore ISI dropped their price target on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, Royal Bank of Canada dropped their price target on M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday. One research 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. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $208.14.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the company'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 transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.53% of the company's stock.

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.