Ellevest Inc. Takes $268,000 Position in M&T Bank Co. (NYSE:MTB)

Ellevest Inc. acquired a new stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,428 shares of the financial services provider's stock, valued at approximately $268,000.

Other large investors have also added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider's stock worth $102,999,000 after purchasing an additional 61,375 shares in the last quarter. Franklin Resources Inc. grew its holdings in M&T Bank by 45.5% during the third quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider's stock valued at $3,986,000 after purchasing an additional 6,717 shares during the period. Principal Financial Group Inc. grew its holdings in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock valued at $35,466,000 after purchasing an additional 2,797 shares during the period. Nordea Investment Management AB grew its holdings in M&T Bank by 7.1% during the fourth quarter. Nordea Investment Management AB now owns 14,036 shares of the financial services provider's stock valued at $2,643,000 after purchasing an additional 927 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in M&T Bank by 9.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,774 shares of the financial services provider's stock valued at $3,166,000 after purchasing an additional 1,468 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 0.6%

Shares of MTB traded down $1.11 during midday trading on Wednesday, hitting $185.39. 1,125,837 shares of the company's stock traded hands, compared to its average volume of 1,132,936. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The firm's fifty day moving average is $170.49 and its 200-day moving average is $189.48. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $29.76 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

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 analyst estimates of $2.35 billion. During the same period last year, the firm earned $3.09 EPS. As a group, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management 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. Stockholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%. 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 related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Barclays lowered their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. Royal Bank of Canada decreased their target price on M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. decreased their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley decreased their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Piper Sandler decreased their target price on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $208.24.

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.