Northern Trust Corp Acquires 215,100 Shares of M&T Bank Co. (NYSE:MTB)

Northern Trust Corp lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 14.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,683,329 shares of the financial services provider's stock after purchasing an additional 215,100 shares during the quarter. Northern Trust Corp owned approximately 1.01% of M&T Bank worth $316,483,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MTB. Y.D. More Investments Ltd boosted its holdings in shares of M&T Bank by 122.6% during 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 during the period. Human Investing LLC acquired a new position in M&T Bank during the 4th quarter worth $44,000. Sierra Ocean LLC bought a new stake in M&T Bank during the fourth quarter valued at about $44,000. Loomis Sayles & Co. L P acquired a new stake in shares of M&T Bank in the fourth quarter valued at about $52,000. Finally, Principal Securities Inc. increased its stake in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of NYSE:MTB traded down $0.83 during trading on Tuesday, reaching $174.61. The stock had a trading volume of 226,472 shares, compared to its average volume of 1,121,341. The stock has a market capitalization of $28.69 billion, a PE ratio of 11.94, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. The business's 50-day moving average price is $171.16 and its 200 day moving average price is $190.08.

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

M&T Bank announced that its board has authorized a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is presently 36.17%.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's 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 completion of the sale, 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 document filed with the SEC, which is available at the SEC website. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MTB. Royal Bank of Canada lowered their target price on M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Barclays lowered their price objective on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler cut their target price on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company decreased their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of "Hold" and an average price target of $208.24.

M&T Bank 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.