ProShare Advisors LLC Has $8.01 Million Stock Position in M&T Bank Co. (NYSE:MTB)

ProShare Advisors LLC grew its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 6.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,587 shares of the financial services provider's stock after acquiring an additional 2,597 shares during the period. ProShare Advisors LLC's holdings in M&T Bank were worth $8,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MTB. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter valued at approximately $38,000. Y.D. More Investments Ltd lifted its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC purchased a new position in M&T Bank in the 4th quarter valued at about $44,000. Sierra Ocean LLC purchased a new position in M&T Bank in the 4th quarter valued at about $44,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of M&T Bank during the fourth quarter worth about $52,000. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Down 3.1%

Shares of NYSE MTB traded down $5.71 during mid-day trading on Wednesday, reaching $180.03. The company had a trading volume of 1,279,988 shares, compared to its average volume of 1,136,692. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The stock's 50 day moving average is $171.84 and its 200-day moving average is $189.18. The stock has a market capitalization of $28.90 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the company earned $3.09 earnings per share. As a group, equities analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.00%. The ex-dividend date is Monday, June 2nd. M&T Bank's dividend payout ratio is 36.17%.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on MTB. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective for the company in a research note on Thursday, April 24th. TD Cowen initiated coverage on shares of M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target for the company. Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. reduced their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research report on Monday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, M&T Bank presently has an average rating of "Moderate Buy" and a consensus price target of $212.53.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.53% of the stock is currently 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.