Quantinno Capital Management LP Increases Position in M&T Bank Co. (NYSE:MTB)

Quantinno Capital Management LP lifted its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 24.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,296 shares of the financial services provider's stock after buying an additional 7,471 shares during the period. Quantinno Capital Management LP's holdings in M&T Bank were worth $7,200,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Sanctuary Advisors LLC grew its holdings in M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after buying an additional 52 shares in the last quarter. Quadrant Capital Group LLC raised its stake in M&T Bank by 5.8% during the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock worth $183,000 after purchasing an additional 53 shares during the period. Catalina Capital Group LLC boosted its holdings in M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after buying an additional 60 shares during the period. Finally, Forum Financial Management LP grew its position in M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock worth $540,000 after acquiring an additional 62 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on MTB. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research note on Thursday, April 24th. Cowen assumed coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Barclays decreased 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 report on Tuesday, April 15th. Truist Financial dropped their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, TD Cowen initiated coverage on M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $209.33.

M&T Bank Stock Performance

NYSE:MTB traded down $1.61 during trading hours on Tuesday, reaching $185.73. 710,616 shares of the company's stock were exchanged, compared to its average volume of 1,136,121. 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 firm has a market capitalization of $29.81 billion, a price-to-earnings ratio of 12.70, 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. The company has a 50-day moving average of $171.53 and a 200 day moving average of $189.20.

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). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business posted $3.09 earnings per share. Research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

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

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is owned by insiders.

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.