M&T Bank Corporation $MTB Shares Acquired by Munich Reinsurance Co Stock Corp in Munich

Key Points

• Munich Re increased its stake in M&T Bank by 37.1% in Q4 to 351,076 shares, a holding worth about $71.46 million that represents its 15th-largest position.
• M&T's board authorized a $5.0 billion share repurchase program (up to 16.7% of shares) and declared a quarterly dividend of $1.50 ($6.00 annual, ~2.8% yield).
• The company reported EPS of $4.18, beating estimates, while insiders sold 31,226 shares worth about $7.24 million over the last quarter (insiders now own 0.44% of the stock).

Munich Reinsurance Co Stock Corp in Munich increased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 37.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 351,076 shares of the financial services provider's stock after buying an additional 95,025 shares during the period. M&T Bank comprises approximately 1.7% of Munich Reinsurance Co Stock Corp in Munich's holdings, making the stock its 15th biggest position. Munich Reinsurance Co Stock Corp in Munich owned 0.23% of M&T Bank worth $71,462,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ransom Advisory Ltd grew its position in 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 worth $506,000 after purchasing an additional 50 shares during the last quarter. Wedbush Securities Inc. grew its position in M&T Bank by 3.3% in the 3rd quarter. Wedbush Securities Inc. now owns 2,171 shares of the financial services provider's stock worth $429,000 after purchasing an additional 70 shares during the last quarter. Geneos Wealth Management Inc. grew its position in M&T Bank by 4.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after purchasing an additional 71 shares during the last quarter. Westside Investment Management Inc. grew its position in M&T Bank by 61.8% in the 3rd quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider's stock worth $39,000 after purchasing an additional 76 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in M&T Bank by 29.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 359 shares of the financial services provider's stock worth $71,000 after purchasing an additional 82 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 887 shares of the business's stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total value of $191,405.73. Following the sale, the insider directly owned 16,446 shares in the company, valued at $3,548,882.34. The trade was a 5.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 21,193 shares of the business's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the completion of the sale, the director owned 15,142 shares in the company, valued at $3,571,240.70. The trade was a 58.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,226 shares of company stock valued at $7,237,259 over the last quarter. Company insiders own 0.44% of the company's stock.

M&T Bank Stock Down 2.1%

NYSE MTB opened at $215.20 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.88 and a quick ratio of 0.96. The company's 50 day simple moving average is $213.30 and its 200 day simple moving average is $205.01. M&T Bank Corporation has a 12 month low of $165.34 and a 12 month high of $239.00. The company has a market capitalization of $32.06 billion, a P/E ratio of 12.05, a PEG ratio of 1.12 and a beta of 0.60.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm earned $3.32 EPS. Equities research analysts expect that M&T Bank Corporation will post 18.67 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a stock repurchase program on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

M&T Bank Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have commented on MTB shares. Truist Financial set a $230.00 target price on shares of M&T Bank in a research report on Tuesday, January 20th. Barclays upped their target price on shares of M&T Bank from $220.00 to $236.00 and gave the stock an "equal weight" rating in a research report on Monday, January 5th. Bank of America reaffirmed a "neutral" rating and issued a $225.00 price target on shares of M&T Bank in a research note on Wednesday, January 7th. TD Cowen reaffirmed a "buy" rating on shares of M&T Bank in a research note on Wednesday, January 7th. Finally, Cantor Fitzgerald reduced their price target on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a research note on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and a consensus target price of $235.55.

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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