Summit Trail Advisors LLC Makes New Investment in M&T Bank Co. (NYSE:MTB)

Summit Trail Advisors LLC purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,540 shares of the financial services provider’s stock, valued at approximately $290,000.

Other hedge funds have also recently modified their holdings of the company. CWM LLC grew its holdings in M&T Bank by 9.1% during the third quarter. CWM LLC now owns 6,107 shares of the financial services provider’s stock valued at $1,088,000 after purchasing an additional 511 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of M&T Bank by 384.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,008 shares of the financial services provider’s stock valued at $180,000 after buying an additional 800 shares in the last quarter. Ritholtz Wealth Management grew its stake in shares of M&T Bank by 117.7% during the 3rd quarter. Ritholtz Wealth Management now owns 3,697 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 1,999 shares during the period. Exchange Traded Concepts LLC purchased a new stake in M&T Bank in the 3rd quarter worth approximately $71,000. Finally, Procyon Advisors LLC increased its holdings in M&T Bank by 1.7% in the 3rd quarter. Procyon Advisors LLC now owns 4,544 shares of the financial services provider’s stock worth $809,000 after acquiring an additional 74 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Activity

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares in the company, valued at $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is currently owned by insiders.

M&T Bank Price Performance

MTB stock opened at $197.61 on Thursday. M&T Bank Co. has a 52 week low of $130.84 and a 52 week high of $225.70. The firm has a market capitalization of $32.79 billion, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The company has a fifty day simple moving average of $196.43 and a two-hundred day simple moving average of $188.49. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 business posted $2.74 earnings per share. Analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MTB. Piper Sandler upped their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Truist Financial reissued a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. One investment 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, M&T Bank presently has a consensus rating of “Hold” and an average target price of $221.68.

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.