Cerity Partners LLC Raises Holdings in M&T Bank Co. (NYSE:MTB)

Cerity Partners LLC raised its holdings in M&T Bank Co. (NYSE:MTB) by 9.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,496 shares of the financial services provider’s stock after purchasing an additional 2,905 shares during the quarter. Cerity Partners LLC’s holdings in M&T Bank were worth $6,382,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. MML Investors Services LLC lifted its holdings in shares of M&T Bank by 13.4% in the 3rd quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider’s stock worth $1,220,000 after acquiring an additional 809 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of M&T Bank in the third quarter valued at $332,000. Barclays PLC raised its holdings in shares of M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after buying an additional 61,375 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of M&T Bank by 10.1% in the third quarter. Coldstream Capital Management Inc. now owns 3,690 shares of the financial services provider’s stock valued at $669,000 after purchasing an additional 337 shares in the last quarter. Finally, Toronto Dominion Bank increased its stake in M&T Bank by 71.1% during the 3rd quarter. Toronto Dominion Bank now owns 83,019 shares of the financial services provider’s stock worth $14,787,000 after buying an additional 34,501 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent research reports. Morgan Stanley cut their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company reduced their price target on M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research report on Friday, March 28th. Citigroup lowered their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Barclays raised their target price 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. Finally, Evercore ISI lowered their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $215.97.

M&T Bank Price Performance

Shares of MTB opened at $157.82 on Friday. 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 Co. has a fifty-two week low of $133.08 and a fifty-two week high of $225.70. The firm has a 50-day simple moving average of $181.27 and a 200-day simple moving average of $191.77. The company has a market capitalization of $25.93 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 quarter in the previous year, the business posted $2.74 earnings per share. On average, equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has approved a share repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

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.