New York Life Investment Management LLC Purchases 136 Shares of M&T Bank Co. (NYSE:MTB)

New York Life Investment Management LLC raised its stake in M&T Bank Co. (NYSE:MTB) by 0.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 24,731 shares of the financial services provider’s stock after buying an additional 136 shares during the period. New York Life Investment Management LLC’s holdings in M&T Bank were worth $4,650,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MTB. Plato Investment Management Ltd boosted its position in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after buying an additional 161 shares during the period. Ashton Thomas Securities LLC purchased a new stake in M&T Bank in the 3rd quarter valued at about $32,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the period. Y.D. More Investments Ltd boosted its position in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after buying an additional 114 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in M&T Bank in the 3rd quarter valued at about $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Up 1.2 %

NYSE MTB opened at $191.68 on Friday. 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 cap of $31.50 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company has a 50 day moving average price of $195.03 and a 200 day moving average price of $190.91. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the firm posted $2.74 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared 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 outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.82%. M&T Bank’s payout ratio is 36.91%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial reissued a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Barclays upped their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Piper Sandler upped their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.