Loomis Sayles & Co. L P Buys New Holdings in M&T Bank Co. (NYSE:MTB)

Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 274 shares of the financial services provider’s stock, valued at approximately $52,000.

Other large investors have also bought and sold shares of the company. State Street Corp grew its holdings in shares of M&T Bank by 6.4% in 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 purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank in the third quarter valued at about $44,422,000. Amundi raised its stake in shares of M&T Bank by 43.5% during the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after acquiring an additional 244,709 shares during the last quarter. Finally, LGT Capital Partners LTD. bought a new position in shares of M&T Bank during the fourth quarter valued at about $34,803,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

M&T Bank stock opened at $175.21 on Monday. The stock’s 50 day moving average is $189.44 and its 200 day moving average is $192.80. The company has a market capitalization of $28.78 billion, a P/E ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a twelve month low of $133.03 and a twelve 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.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the firm earned $2.74 earnings per share. On average, equities research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company 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 $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. M&T Bank’s dividend payout ratio is presently 36.91%.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research analyst reports. Morgan Stanley reduced their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Citigroup dropped their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Truist Financial reissued a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. 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 stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average price target of $218.79.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.