M&T Bank Corporation $MTB Shares Purchased by Entropy Technologies LP

Key Points

• Entropy Technologies LP more than doubled its stake in M&T Bank during the fourth quarter, increasing holdings by 107.6% to 48,018 shares valued at about $9.68 million.
• M&T Bank received mostly cautious Street sentiment: analysts’ average rating is Hold with an average price target of $235.32, though several firms recently raised or maintained bullish targets.
• The bank reported better-than-expected quarterly earnings of $4.18 per share and also announced a $5 billion share buyback plus a quarterly dividend of $1.50 per share, yielding about 2.6%.

Entropy Technologies LP boosted its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 107.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,018 shares of the financial services provider's stock after acquiring an additional 24,887 shares during the period. Entropy Technologies LP's holdings in M&T Bank were worth $9,675,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC increased its position in M&T Bank by 3.9% in the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider's stock valued at $106,846,000 after acquiring an additional 20,120 shares during the period. Adams Diversified Equity Fund Inc. increased its position in M&T Bank by 4.3% in the 4th quarter. Adams Diversified Equity Fund Inc. now owns 97,600 shares of the financial services provider's stock valued at $19,664,000 after acquiring an additional 4,000 shares during the period. Kestra Advisory Services LLC increased its position in M&T Bank by 24.8% in the 4th quarter. Kestra Advisory Services LLC now owns 11,630 shares of the financial services provider's stock valued at $2,343,000 after acquiring an additional 2,309 shares during the period. Marshall Wace LLP increased its position in M&T Bank by 976.1% in the 4th quarter. Marshall Wace LLP now owns 57,549 shares of the financial services provider's stock valued at $11,595,000 after acquiring an additional 52,201 shares during the period. Finally, Arkadios Wealth Advisors boosted its holdings in M&T Bank by 25.9% in the 4th quarter. Arkadios Wealth Advisors now owns 2,815 shares of the financial services provider's stock valued at $567,000 after purchasing an additional 579 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MTB. Argus lifted their price objective on 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 lowered their price objective 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. Robert W. Baird lifted their price objective on M&T Bank from $230.00 to $240.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, Jefferies Financial Group lifted their price objective on M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $235.32.

M&T Bank Price Performance

Shares of MTB opened at $231.57 on Friday. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $239.00. The stock's 50 day moving average is $215.90 and its two-hundred day moving average is $212.38. The firm has a market capitalization of $33.91 billion, a PE ratio of 12.97, a P/E/G ratio of 1.18 and a beta of 0.57. 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 (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the company earned $3.32 EPS. Research analysts anticipate that M&T Bank Corporation will post 18.69 earnings per share for the current 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 paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.6%. M&T Bank's payout ratio is 33.59%.

M&T Bank announced that its Board of Directors has approved a stock buyback 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 buy up to 16.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction that occurred on 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 owned 6,753 shares of the company's stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.44% of the stock is owned by company insiders.

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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