Giverny Capital Inc. Raises Holdings in M&T Bank Co. (NYSE:MTB)

Giverny Capital Inc. grew its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 367,581 shares of the financial services provider's stock after acquiring an additional 6,990 shares during the period. M&T Bank comprises 2.5% of Giverny Capital Inc.'s portfolio, making the stock its 17th largest position. Giverny Capital Inc. owned 0.22% of M&T Bank worth $69,109,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MTB. FMR LLC increased its stake in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake in M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after buying an additional 40,948 shares in the last quarter. Norges Bank purchased a new stake in M&T Bank in the fourth quarter worth about $317,690,000. Finally, Amundi boosted its position in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after acquiring an additional 244,709 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MTB. JPMorgan Chase & Co. lowered their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Piper Sandler reduced their target price on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday. Barclays lowered their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company lowered their target price on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, M&T Bank has an average rating of "Hold" and an average price target of $208.14.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company's stock.

M&T Bank Trading Up 0.8 %

Shares of NYSE:MTB traded up $1.19 during trading on Friday, reaching $160.09. The company's stock had a trading volume of 1,105,142 shares, compared to its average volume of 1,111,701. The firm's 50 day simple moving average is $178.03 and its two-hundred day simple moving average is $191.19. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12 month low of $138.38 and a 12 month high of $225.70. The stock has a market capitalization of $26.30 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to analysts' expectations 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 firm earned $3.09 earnings per share. On average, research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.37%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is currently 36.17%.

M&T Bank announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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.