Geode Capital Management LLC Increases Stock Position in M&T Bank Co. (NYSE:MTB)

Geode Capital Management LLC grew its position in shares of M&T Bank Co. (NYSE:MTB) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,370,762 shares of the financial services provider’s stock after purchasing an additional 40,948 shares during the period. Geode Capital Management LLC owned approximately 2.63% of M&T Bank worth $819,768,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Y.D. More Investments Ltd grew its holdings in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC bought a new position in shares of M&T Bank during the 4th quarter valued at approximately $44,000. Sierra Ocean LLC purchased a new position in shares of M&T Bank in the fourth quarter valued at $44,000. Loomis Sayles & Co. L P bought a new stake in M&T Bank in the fourth quarter worth $52,000. Finally, Principal Securities Inc. raised its stake in M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 132 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction 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 in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on MTB shares. Barclays boosted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Morgan Stanley reduced their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Evercore ISI dropped their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Citigroup cut their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. 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 data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $218.79.

M&T Bank Stock Up 2.0 %

Shares of NYSE:MTB opened at $179.93 on Thursday. The business’s 50 day moving average is $188.33 and its 200 day moving average is $192.86. The stock has a market cap of $29.56 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52-week low of $133.03 and a 52-week 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 released its quarterly earnings data 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 period in the prior year, the company earned $2.74 earnings per share. Sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has approved a stock buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits 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 believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.00%. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank Company 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.