Man Group plc Acquires 3,242 Shares of M&T Bank Co. (NYSE:MTB)

Man Group plc boosted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,464 shares of the financial services provider's stock after purchasing an additional 3,242 shares during the quarter. Man Group plc's holdings in M&T Bank were worth $7,796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sanctuary Advisors LLC raised its stake in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after purchasing an additional 52 shares during the period. Quadrant Capital Group LLC grew its holdings in M&T Bank by 5.8% during the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock valued at $183,000 after buying an additional 53 shares in the last quarter. Catalina Capital Group LLC grew its holdings in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after buying an additional 56 shares in the last quarter. Parallel Advisors LLC grew its holdings in M&T Bank by 1.7% during the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after buying an additional 60 shares in the last quarter. Finally, Forum Financial Management LP grew its holdings in M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after buying an additional 62 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

MTB opened at $187.29 on Tuesday. The business has a fifty day moving average of $171.53 and a 200 day moving average of $189.20. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70. 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 stock has a market cap of $30.06 billion, a P/E ratio of 12.80, a PEG ratio of 1.38 and a beta of 0.58.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the firm earned $3.09 EPS. As a group, sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is currently 36.17%.

M&T Bank announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MTB. Barclays cut their price target 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. Piper Sandler cut their price target on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Citigroup cut their price target 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. Morgan Stanley cut their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Evercore ISI cut their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank has an average rating of "Moderate Buy" and a consensus price target of $209.33.

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 on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by company insiders.

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.

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