SouthState Corp Acquires 297 Shares of M&T Bank Co. (NYSE:MTB)

SouthState Corp lifted its stake in M&T Bank Co. (NYSE:MTB) by 4.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,436 shares of the financial services provider’s stock after buying an additional 297 shares during the period. SouthState Corp’s holdings in M&T Bank were worth $1,210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. GWN Securities Inc. bought a new stake in M&T Bank during the fourth quarter worth about $773,000. Glenview Trust co grew its position in M&T Bank by 7.1% during the 4th quarter. Glenview Trust co now owns 4,336 shares of the financial services provider’s stock worth $815,000 after acquiring an additional 286 shares during the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in M&T Bank during the 4th quarter valued at $207,000. Picton Mahoney Asset Management increased its holdings in M&T Bank by 156.4% during the 4th quarter. Picton Mahoney Asset Management now owns 64,528 shares of the financial services provider’s stock valued at $12,132,000 after purchasing an additional 39,359 shares in the last quarter. Finally, Wellington Shields & Co. LLC raised its position in M&T Bank by 5.2% in the 4th quarter. Wellington Shields & Co. LLC now owns 1,966 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 98 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on 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 approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Stock Performance

Shares of MTB stock opened at $175.61 on Tuesday. The stock has a 50-day moving average of $192.09 and a 200-day moving average of $192.19. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The stock has a market cap of $28.85 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 last year, the firm earned $2.74 EPS. As a group, sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.07%. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Piper Sandler raised their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $222.03.

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.