M&T Bank Co. (NYSE:MTB) Stake Boosted by Comerica Bank

Comerica Bank boosted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,284 shares of the financial services provider's stock after buying an additional 2,502 shares during the quarter. Comerica Bank's holdings in M&T Bank were worth $9,266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $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 during the fourth quarter worth $317,690,000. Charles Schwab Investment Management Inc. raised its position in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after buying an additional 252,583 shares during the last quarter. Amundi boosted its position in M&T Bank by 43.5% during 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 during the last quarter. Finally, Northern Trust Corp lifted its stake in M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on MTB. Citigroup reduced their price target on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Truist Financial lowered their target price 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. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective on the stock in a research report on Thursday, April 24th. DA Davidson decreased their price target on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Piper Sandler cut their price target on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and a consensus target price of $208.24.

M&T Bank Price Performance

Shares of M&T Bank stock traded down $2.65 during trading on Tuesday, reaching $172.78. The company's stock had a trading volume of 1,100,959 shares, compared to its average volume of 1,125,643. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $28.39 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The business has a 50 day moving average price of $171.16 and a 200-day moving average price of $190.08.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $2.35 billion. During the same quarter in the prior year, the company earned $3.09 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

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

M&T Bank declared that its Board of Directors has initiated a share buyback 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 repurchase 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 Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of the company'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 in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

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.