Allstate Corp Purchases 5,604 Shares of M&T Bank Corporation $MTB

Key Points

• Allstate Corp nearly doubled its M&T Bank position in the fourth quarter, buying 5,604 additional shares and ending with 11,242 shares valued at about $2.27 million.
• M&T Bank reported stronger-than-expected quarterly results, posting EPS of $4.18 versus the $4.02 estimate and revenue of $2.44 billion, while also guiding analysts to forecast 18.69 EPS for the current fiscal year.
• The bank is returning capital to shareholders through a quarterly dividend of $1.50 per share and a newly authorized $5 billion share repurchase program, while analyst sentiment remains mixed with a consensus rating of “Hold.”

Allstate Corp grew its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 99.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,242 shares of the financial services provider's stock after acquiring an additional 5,604 shares during the quarter. Allstate Corp's holdings in M&T Bank were worth $2,265,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Ransom Advisory Ltd lifted its holdings in shares of M&T Bank by 2.0% in the 4th quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider's stock valued at $506,000 after acquiring an additional 50 shares during the last quarter. Wedbush Securities Inc. boosted its stake in M&T Bank by 3.3% during the third quarter. Wedbush Securities Inc. now owns 2,171 shares of the financial services provider's stock worth $429,000 after buying an additional 70 shares during the period. Plato Investment Management Ltd boosted its stake in M&T Bank by 0.9% during the fourth quarter. Plato Investment Management Ltd now owns 8,322 shares of the financial services provider's stock worth $1,685,000 after buying an additional 71 shares during the period. Geneos Wealth Management Inc. boosted its stake in M&T Bank by 4.3% during the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after buying an additional 71 shares during the period. Finally, Westside Investment Management Inc. boosted its stake in M&T Bank by 61.8% during the third quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider's stock worth $39,000 after buying an additional 76 shares during the period. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

MTB has been the subject of several analyst reports. Wall Street Zen downgraded shares of M&T Bank from a "hold" rating to a "sell" rating in a research note on Saturday, March 21st. Jefferies Financial Group raised their price objective on shares of M&T Bank from $255.00 to $265.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Robert W. Baird lifted their target price on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Morgan Stanley decreased their target price on M&T Bank from $271.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Finally, UBS Group set a $235.00 target price on M&T Bank in a research report on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of "Hold" and an average target price of $235.32.

M&T Bank Stock Performance

MTB stock opened at $214.28 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50-day moving average price of $211.67 and a 200 day moving average price of $209.78. The company has a market capitalization of $31.38 billion, a P/E ratio of 12.00, a PEG ratio of 1.09 and a beta of 0.59. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.16. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period in the previous year, the company posted $3.32 earnings per share. As a group, equities research analysts forecast that M&T Bank Corporation will post 18.69 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $1.50 dividend. The ex-dividend date is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.8%. M&T Bank's payout ratio is currently 33.59%.

M&T Bank declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the transaction, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.44% of the company's stock.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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