Fmr LLC Buys 1,761,014 Shares of M&T Bank Co. (NYSE:MTB)

Fmr LLC boosted its holdings in M&T Bank Co. (NYSE:MTB) by 14.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,110,412 shares of the financial services provider’s stock after purchasing an additional 1,761,014 shares during the quarter. Fmr LLC owned about 0.09% of M&T Bank worth $2,652,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MTB. State Street Corp grew its holdings in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 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 valued at $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake 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 valued at $819,768,000 after purchasing an additional 40,948 shares during the period. Norges Bank bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $317,690,000. Finally, Amundi boosted its holdings in M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Down 3.8 %

Shares of MTB stock opened at $157.13 on Friday. The stock’s 50-day simple moving average is $186.82 and its 200-day simple moving average is $192.67. The firm has a market capitalization of $25.82 billion, a PE ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. 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 earned $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.44%. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

M&T Bank declared that its board has approved a stock buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently issued reports on MTB. JPMorgan Chase & Co. dropped 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 report on Thursday. Truist Financial cut their price target on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating on the stock in a report on Friday. Citigroup decreased their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Barclays upped their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, DA Davidson lifted their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $215.97.

Insider Buying and Selling

In other 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 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 represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by company insiders.

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.