W.G. Shaheen & Associates DBA Whitney & Co Invests $202,000 in M&T Bank Co. (NYSE:MTB)

W.G. Shaheen & Associates DBA Whitney & Co 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 Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,076 shares of the financial services provider’s stock, valued at approximately $202,000.

Other institutional investors have also recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. grew its stake in M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares during the period. Capital Performance Advisors LLP purchased a new position in M&T Bank in the third quarter valued at about $44,000. Flagship Harbor Advisors LLC raised its holdings in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 1,295 shares in the last quarter. Summit Trail Advisors LLC acquired a new position in shares of M&T Bank in the 4th quarter worth approximately $290,000. Finally, Principal Financial Group Inc. lifted its position in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other M&T Bank 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 SEC, which can be accessed through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MTB. Evercore ISI lifted their target price 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. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company upped their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $221.68.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $193.48 on Monday. The firm has a market cap of $31.80 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The firm’s 50-day simple moving average is $195.09 and its 200-day simple moving average is $190.29. M&T Bank Co. has a twelve month low of $133.03 and a twelve month 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 0.98.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 in the previous year, the business earned $2.74 EPS. As a group, research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 2.79%. M&T Bank’s payout ratio is 36.91%.

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.