Plato Investment Management Ltd Increases Stake in M&T Bank Co. (NYSE:MTB)

Plato Investment Management Ltd lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 5,032.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,623 shares of the financial services provider’s stock after buying an additional 8,455 shares during the quarter. Plato Investment Management Ltd’s holdings in M&T Bank were worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the business. Sanctuary Advisors LLC boosted its stake in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after acquiring an additional 52 shares in the last quarter. Catalina Capital Group LLC boosted its stake in M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares in the last quarter. Crestwood Advisors Group LLC boosted its stake in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 57 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its stake in M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after acquiring an additional 63 shares in the last quarter. Finally, Pitcairn Co. boosted its stake in M&T Bank by 0.8% during the third quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock worth $1,668,000 after acquiring an additional 70 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Piper Sandler increased their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Keefe, Bruyette & Woods increased their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Barclays raised 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Trading Down 1.7 %

NYSE MTB opened at $188.50 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $30.98 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company has a 50 day moving average price of $195.01 and a 200 day moving average price of $191.53. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 quarter last year, the firm posted $2.74 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.86%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its board has authorized a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.