Mufg Securities Americas Inc. Purchases New Stake in M&T Bank Co. (NYSE:MTB)

Mufg Securities Americas Inc. bought a new stake in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,749 shares of the financial services provider's stock, valued at approximately $517,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC lifted its position 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 worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. lifted 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 buying an additional 252,583 shares during the period. Geode Capital Management LLC grew its position in shares of M&T Bank by 0.9% during 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 buying an additional 40,948 shares in the last quarter. Norges Bank purchased a new position in shares of M&T Bank during the fourth quarter valued at $317,690,000. Finally, Northern Trust Corp raised its holdings in shares of M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after acquiring an additional 215,100 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 10,751 shares in the company, valued at $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 available at this hyperlink. Corporate insiders own 0.53% of the company's stock.

M&T Bank Trading Down 1.1%

Shares of MTB traded down $2.09 during midday trading on Wednesday, reaching $183.65. The company had a trading volume of 234,915 shares, compared to its average volume of 1,132,597. The firm has a 50 day simple moving average of $171.84 and a 200-day simple moving average of $189.18. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $29.48 billion, a PE ratio of 12.56, 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 issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The firm had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the firm earned $3.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.94%. M&T Bank's payout ratio is presently 36.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Truist Financial reduced their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, Barclays cut their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.53.

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.