D. E. Shaw & Co. Inc. Takes Position in M&T Bank Co. (NYSE:MTB)

D. E. Shaw & Co. Inc. acquired a new position in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 260,302 shares of the financial services provider's stock, valued at approximately $48,939,000. D. E. Shaw & Co. Inc. owned approximately 0.16% of M&T Bank at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in M&T Bank in the fourth quarter worth $38,000. Y.D. More Investments Ltd increased its holdings in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC bought a new position in shares of M&T Bank during the fourth quarter valued at $44,000. Sierra Ocean LLC bought a new position in shares of M&T Bank during the fourth quarter valued at $44,000. Finally, Loomis Sayles & Co. L P bought a new position in shares of M&T Bank during the fourth quarter valued at $52,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Performance

Shares of MTB stock traded up $7.59 during trading hours on Monday, reaching $184.74. 1,452,190 shares of the company traded hands, compared to its average volume of 1,129,267. M&T Bank Co. has a 12-month low of $139.78 and a 12-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. The company has a market cap of $29.65 billion, a P/E ratio of 12.63, a P/E/G ratio of 1.38 and a beta of 0.58. The firm has a 50-day moving average price of $170.30 and a 200 day moving average price of $189.50.

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 earnings per share for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $3.09 earnings per share. As a group, sell-side analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has initiated a share buyback program 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 buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors 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. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.92%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred 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 owns 10,751 shares of the company's stock, valued at $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company reduced their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. StockNews.com downgraded M&T Bank from a "hold" rating to a "sell" rating in a report on Tuesday, May 6th. Barclays reduced their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a report on Tuesday, April 15th. Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, Truist Financial reduced 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. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target 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.