M&T Bank Corporation $MTB Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its M&T Bank stake by 3.6% in the fourth quarter, ending with 1.42 million shares valued at about $285.3 million. Institutional investors own a large majority of the stock, at 84.68%.
• M&T Bank reported better-than-expected quarterly earnings, with EPS of $4.18 versus the $4.02 consensus estimate, and revenue of $2.44 billion. Analysts currently expect the company to earn 18.69 EPS for the full year.
• The company authorized a $5 billion share buyback and also declared a quarterly dividend of $1.50 per share, implying a 2.7% annual yield. Wall Street’s overall view remains Hold, with a consensus price target of $235.32.

Bank of New York Mellon Corp boosted its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 3.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,416,224 shares of the financial services provider's stock after purchasing an additional 49,336 shares during the period. Bank of New York Mellon Corp owned approximately 0.92% of M&T Bank worth $285,341,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new stake in M&T Bank during the 3rd quarter worth about $32,000. Elyxium Wealth LLC acquired a new stake in M&T Bank during the 4th quarter worth about $33,000. Ameriflex Group Inc. grew its position in M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider's stock worth $37,000 after purchasing an additional 84 shares during the period. Westside Investment Management Inc. grew its position in M&T Bank by 61.8% during 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 period. Finally, Hoese & Co LLP acquired a new stake in M&T Bank during the 4th quarter worth about $50,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction that occurred on 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 sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.44% of the company's stock.

M&T Bank Stock Up 3.6%

MTB stock opened at $221.75 on Friday. The firm has a market cap of $32.47 billion, a PE ratio of 12.42, a PEG ratio of 1.09 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The firm's 50 day moving average price is $213.39 and its 200-day moving average price is $210.80. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the company earned $3.32 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 18.69 EPS for the current year.

M&T Bank announced that its board has authorized a stock buyback plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

M&T Bank Dividend Announcement

The business 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 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio (DPR) is 33.59%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MTB. Cantor Fitzgerald cut their price target on M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, April 17th. The Goldman Sachs Group increased their price target on M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a research report on Monday, April 6th. Wall Street Zen downgraded M&T Bank from a "hold" rating to a "sell" rating in a research report on Saturday, March 21st. Piper Sandler increased their price target on M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, Jefferies Financial Group raised their target price on M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $235.32.

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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