CoreCap Advisors LLC Boosts Stock Position in M&T Bank Co. (NYSE:MTB)

CoreCap Advisors LLC raised its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 266.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,008 shares of the financial services provider's stock after buying an additional 1,460 shares during the period. CoreCap Advisors LLC's holdings in M&T Bank were worth $378,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. increased its stake in shares of M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock valued at $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after buying an additional 1,295 shares in the last quarter. US Bancorp DE increased its stake in M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after buying an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in M&T Bank during the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC purchased a new stake in M&T Bank during the 4th quarter worth approximately $297,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

MTB has been the subject of several research reports. Morgan Stanley cut their price objective on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Barclays cut their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company cut their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Truist Financial lowered their target price on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Citigroup lowered their target price 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $208.24.

M&T Bank Trading Down 0.6%

NYSE:MTB traded down $1.11 during trading hours on Wednesday, reaching $185.39. 1,125,837 shares of the stock were exchanged, compared to its average volume of 1,132,936. 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 business has a 50-day moving average of $170.49 and a two-hundred day moving average of $189.48. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The company has a market capitalization of $29.76 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company earned $3.09 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is 36.17%.

M&T Bank declared that its board has approved 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 buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $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 accessible through the SEC website. Insiders own 0.53% of the company's stock.

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.