Plato Investment Management Ltd Grows Stock Holdings in M&T Bank Co. (NYSE:MTB)

Plato Investment Management Ltd boosted its holdings in M&T Bank Co. (NYSE:MTB) by 5,032.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,623 shares of the financial services provider’s stock after buying an additional 8,455 shares during the period. Plato Investment Management Ltd’s holdings in M&T Bank were worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. FMR LLC boosted its holdings in M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the period. State Street Corp boosted its holdings in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares during the period. Geode Capital Management LLC boosted its holdings in M&T Bank by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after purchasing an additional 66,337 shares during the period. Finally, Senvest Management LLC boosted its holdings in M&T Bank by 12.3% in the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after purchasing an additional 96,500 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTB. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price target for the company from $220.00 to $230.00 in a report on Monday, November 25th. Barclays raised their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, DA Davidson lifted their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, M&T Bank has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $188.50 on Tuesday. The stock has a market cap of $30.98 billion, a PE ratio of 12.88, a PEG ratio of 1.38 and a beta of 0.79. The company’s fifty day moving average is $195.01 and its 200 day moving average is $191.53. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the business earned $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its board has initiated a share repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

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.