1,836 Shares in M&T Bank Co. (NYSE:MTB) Purchased by Sage Investment Counsel LLC

Sage Investment Counsel LLC bought a new position in shares of M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,836 shares of the financial services provider’s stock, valued at approximately $345,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. FMR LLC grew its position in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its position in M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank during the third quarter worth about $44,422,000. Charles Schwab Investment Management Inc. grew its position in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares in the last quarter. Finally, Sapient Capital LLC grew its position in M&T Bank by 9,754.9% during the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock worth $34,648,000 after buying an additional 182,417 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Up 1.2 %

MTB opened at $191.68 on Friday. The firm has a market capitalization of $31.50 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 1.38 and a beta of 0.79. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The business has a 50 day simple moving average of $195.03 and a two-hundred day simple moving average of $190.91. 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 period last year, the business earned $2.74 earnings per share. Analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has authorized a stock buyback plan 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 purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insider Activity at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTB. Wells Fargo & Company upped their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Truist Financial reiterated a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods upped their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently 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.