M&T Bank Co. (NYSE:MTB) Stake Raised by First Manhattan CO. LLC.

First Manhattan CO. LLC. raised its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 295.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,636 shares of the financial services provider's stock after acquiring an additional 7,198 shares during the quarter. First Manhattan CO. LLC.'s holdings in M&T Bank were worth $1,812,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after acquiring an additional 252,583 shares during the period. Geode Capital Management LLC grew its holdings in shares of M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after acquiring an additional 40,948 shares during the period. Norges Bank acquired a new stake in M&T Bank during the 4th quarter valued at $317,690,000. Finally, Northern Trust Corp grew its holdings in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after buying an additional 215,100 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Down 0.6%

NYSE:MTB traded down $1.11 during trading hours on Wednesday, hitting $185.39. The stock had a trading volume of 1,125,837 shares, compared to its average volume of 1,132,936. The business has a 50 day simple moving average of $170.49 and a two-hundred day simple moving average of $189.48. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $29.76 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced 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 business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the business earned $3.09 earnings per share. Analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.91%. M&T Bank's payout ratio is 36.17%.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. Piper Sandler lowered their target price on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Truist Financial lowered their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company lowered their price target on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Finally, Citigroup cut their target price on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $208.24.

M&T Bank Company Profile

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.