Mystic Asset Management Inc. Takes Position in M&T Bank Co. (NYSE:MTB)

Mystic Asset Management Inc. acquired a new stake in M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 2,511 shares of the financial services provider’s stock, valued at approximately $472,000.

Several other large investors also recently made changes to their positions in the stock. Sanctuary Advisors LLC lifted its holdings in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the last quarter. Catalina Capital Group LLC lifted its holdings in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its holdings in M&T Bank by 1.7% during the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 60 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in M&T Bank by 1.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock valued at $975,000 after purchasing an additional 63 shares during the last quarter. Finally, Meridian Wealth Management LLC lifted its holdings in M&T Bank by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 66 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on MTB. Compass Point raised their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Truist Financial reissued a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Morgan Stanley dropped their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Piper Sandler lifted their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Finally, Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $220.00 to $230.00 in a report on Monday, November 25th. One 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $222.03.

M&T Bank Stock Performance

M&T Bank stock opened at $174.82 on Wednesday. M&T Bank Co. has a 12-month low of $133.03 and a 12-month 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. The business’s 50-day moving average price is $191.75 and its two-hundred day moving average price is $192.21. The stock has a market cap of $28.72 billion, a PE ratio of 11.95, a P/E/G ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its earnings results 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 return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the firm earned $2.74 EPS. As a group, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced 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 yield of 3.09%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

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

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s 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 sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

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.