Pacer Advisors Inc. Has $3.55 Million Holdings in M&T Bank Co. (NYSE:MTB)

Pacer Advisors Inc. raised its holdings in M&T Bank Co. (NYSE:MTB) by 52.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 18,873 shares of the financial services provider’s stock after purchasing an additional 6,475 shares during the period. Pacer Advisors Inc.’s holdings in M&T Bank were worth $3,548,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd grew its holdings in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of M&T Bank during the third quarter worth $32,000. Hexagon Capital Partners LLC increased its holdings in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank during the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 0.9 %

Shares of MTB stock opened at $202.18 on Friday. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a 50 day simple moving average of $199.97 and a two-hundred day simple moving average of $186.38. The company has a market cap of $33.55 billion, a P/E ratio of 13.82, a PEG ratio of 1.37 and a beta of 0.79.

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 net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the company posted $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank announced that its board has approved a stock repurchase 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 typically an indication that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.67%. M&T Bank’s dividend payout ratio is currently 36.91%.

Insider Transactions at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now directly 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. Insiders have sold 30,987 shares of company stock valued at $6,713,709 in the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MTB has been the subject of a number of recent research reports. Compass Point upped their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Evercore ISI upped their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lifted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. Truist Financial restated a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $221.68.

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.