Kovitz Investment Group Partners LLC Invests $545,000 in M&T Bank Co. (NYSE:MTB)

Kovitz Investment Group Partners LLC purchased a new position in M&T Bank Co. (NYSE:MTB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,897 shares of the financial services provider's stock, valued at approximately $545,000.

Several other institutional investors and hedge funds have also bought and sold shares of MTB. Hancock Whitney Corp lifted its position in M&T Bank by 11.6% during the fourth quarter. Hancock Whitney Corp now owns 11,425 shares of the financial services provider's stock valued at $2,148,000 after purchasing an additional 1,186 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of M&T Bank by 827.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 53,303 shares of the financial services provider's stock valued at $10,021,000 after buying an additional 47,557 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in shares of M&T Bank by 117.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 74,007 shares of the financial services provider's stock worth $13,914,000 after buying an additional 39,917 shares during the last quarter. Coppell Advisory Solutions LLC grew its stake in shares of M&T Bank by 1,031.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 464 shares of the financial services provider's stock worth $87,000 after purchasing an additional 423 shares during the period. Finally, Fuller & Thaler Asset Management Inc. boosted its position in M&T Bank by 5.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 33,818 shares of the financial services provider's stock worth $6,358,000 after purchasing an additional 1,831 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MTB. Citigroup cut their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Evercore ISI decreased their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Piper Sandler reduced their target price on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Robert W. Baird cut their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, M&T Bank currently has a consensus rating of "Hold" and a consensus price target of $208.24.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $0.30 on Monday, hitting $175.61. The company had a trading volume of 1,004,385 shares, compared to its average volume of 1,124,754. The stock has a 50 day moving average price of $171.44 and a 200 day moving average price of $190.23. 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 stock has a market cap of $28.85 billion, a price-to-earnings ratio of 12.00, a P/E/G 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 EPS 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 the consensus estimate 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 prior year, the business posted $3.09 earnings per share. Analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its board has authorized a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits 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 board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is presently 36.17%.

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.