Prudential PLC Grows Stock Holdings in M&T Bank Co. (NYSE:MTB)

Prudential PLC lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 444.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,281 shares of the financial services provider’s stock after purchasing an additional 8,392 shares during the period. Prudential PLC’s holdings in M&T Bank were worth $1,933,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Townsquare Capital LLC purchased a new position in shares of M&T Bank during the 3rd quarter worth $230,000. Captrust Financial Advisors boosted its holdings in M&T Bank by 3.6% in the 3rd quarter. Captrust Financial Advisors now owns 7,761 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 270 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of M&T Bank by 2.1% in the 3rd quarter. HighTower Advisors LLC now owns 52,507 shares of the financial services provider’s stock valued at $9,353,000 after buying an additional 1,075 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of M&T Bank by 41.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,679 shares of the financial services provider’s stock worth $1,724,000 after buying an additional 2,815 shares during the last quarter. Finally, IHT Wealth Management LLC raised its position in shares of M&T Bank by 82.3% during the 3rd quarter. IHT Wealth Management LLC now owns 3,447 shares of the financial services provider’s stock valued at $606,000 after buying an additional 1,556 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $157.13 on Monday. The business’s 50-day moving average is $186.82 and its two-hundred day moving average is $192.80. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a market capitalization of $25.82 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 period in the previous year, the business earned $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

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

M&T Bank declared that its Board of Directors has initiated a share 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 repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wells Fargo & Company lowered their price objective on M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research report on Friday, March 28th. Citigroup lowered their price target 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. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Compass Point boosted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lowered 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $215.97.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was 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 of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by corporate 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.