Geode Capital Management LLC Has $858.03 Million Stake in M&T Bank Corporation $MTB

Key Points

• Geode Capital Management trimmed its M&T Bank position by 1% in the fourth quarter but still held 4.27 million shares worth about $858 million, making it a major shareholder. Institutional investors overall own 84.68% of the company.
• M&T Bank reported better-than-expected first-quarter earnings of $4.18 per share on revenue of $2.44 billion, and analysts currently have a Hold consensus with an average price target of $235.32.
• The bank continues to return capital to shareholders with a quarterly dividend of $1.50 per share and a new $5 billion share repurchase program, which could retire up to 16.7% of outstanding shares.

Geode Capital Management LLC lowered its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 1.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 4,274,367 shares of the financial services provider's stock after selling 41,467 shares during the period. Geode Capital Management LLC owned 2.78% of M&T Bank worth $858,026,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Canoe Financial LP grew its holdings in M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock worth $131,515,000 after purchasing an additional 219,065 shares during the period. LSV Asset Management lifted its holdings in M&T Bank by 14.5% during the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock valued at $78,960,000 after purchasing an additional 49,500 shares during the last quarter. RNC Capital Management LLC lifted its holdings in M&T Bank by 1.0% during the 4th quarter. RNC Capital Management LLC now owns 365,052 shares of the financial services provider's stock valued at $73,551,000 after purchasing an additional 3,618 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in M&T Bank by 37.1% during the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider's stock valued at $71,462,000 after purchasing an additional 95,025 shares during the last quarter. Finally, Cooke & Bieler LP lifted its holdings in M&T Bank by 0.4% during the 4th quarter. Cooke & Bieler LP now owns 324,560 shares of the financial services provider's stock valued at $65,392,000 after purchasing an additional 1,150 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MTB shares. Argus increased their price target on shares of M&T Bank from $230.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $225.00 price objective on shares of M&T Bank in a report on Thursday, May 21st. Cantor Fitzgerald reduced their target price on M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a report on Friday, April 17th. Morgan Stanley reduced their target price on M&T Bank from $271.00 to $245.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Finally, Robert W. Baird raised their target price on M&T Bank from $230.00 to $240.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, M&T Bank currently has a consensus rating of "Hold" and an average target price of $235.32.

M&T Bank Stock Up 0.8%

MTB stock opened at $215.94 on Friday. The stock has a market capitalization of $31.62 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.09 and a beta of 0.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $239.00. The firm has a 50-day moving average price of $212.06 and a 200-day moving average price of $209.82.

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

M&T Bank Dividend Announcement

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

M&T Bank declared that its Board of Directors has approved 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 reacquire up to 16.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.44% of the company's stock.

M&T Bank Profile

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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