M&T Bank Co. (NYSE:MTB) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in M&T Bank Co. (NYSE:MTB) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,176 shares of the financial services provider’s stock after buying an additional 482 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in M&T Bank were worth $3,417,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other news, EVP Michael J. Todaro sold 4,786 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the completion of the transaction, the executive vice president now directly owns 2,787 shares in the company, valued at approximately $596,696.70. The trade was a 63.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,397 shares of company stock valued at $6,379,459 over the last three months. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Royal Bank of Canada raised their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, 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. One equities research 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. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Performance

Shares of MTB opened at $200.59 on Monday. The stock has a market capitalization of $33.28 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The business’s fifty day moving average price is $197.10 and its 200 day moving average price is $188.04. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. M&T Bank Co. has a 12-month low of $129.36 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 prior year, the company posted $2.74 EPS. Equities research analysts forecast that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank announced that its board has authorized a share repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.69%. M&T Bank’s payout ratio is currently 36.91%.

About M&T Bank

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.