Ellevest Inc. Invests $268,000 in M&T Bank Co. (NYSE:MTB)

Ellevest Inc. purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,428 shares of the financial services provider’s stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ethic Inc. raised its holdings in shares of M&T Bank by 1.9% during the fourth quarter. Ethic Inc. now owns 20,357 shares of the financial services provider’s stock valued at $3,827,000 after acquiring an additional 374 shares in the last quarter. Fiduciary Trust Co increased its position in M&T Bank by 30.0% during the 4th quarter. Fiduciary Trust Co now owns 4,170 shares of the financial services provider’s stock valued at $784,000 after purchasing an additional 963 shares during the period. First Manhattan CO. LLC. raised its holdings in M&T Bank by 295.2% in the 4th quarter. First Manhattan CO. LLC. now owns 9,636 shares of the financial services provider’s stock worth $1,812,000 after purchasing an additional 7,198 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in shares of M&T Bank in the 4th quarter worth about $48,939,000. Finally, Deutsche Bank AG boosted its stake in shares of M&T Bank by 25.0% during the 4th quarter. Deutsche Bank AG now owns 487,030 shares of the financial services provider’s stock valued at $91,567,000 after purchasing an additional 97,480 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.3 %

Shares of NYSE:MTB opened at $177.11 on Friday. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The stock’s fifty day moving average price is $170.16 and its 200-day moving average price is $189.59. The company has a market cap of $29.10 billion, a P/E ratio of 12.11, a PEG ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the business earned $3.09 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. M&T Bank’s payout ratio is 36.17%.

M&T Bank declared that its Board of Directors has authorized a stock buyback program 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MTB shares. Barclays decreased their price target on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Wells Fargo & Company dropped their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Truist Financial decreased their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, Morgan Stanley dropped their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $208.24.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated 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 owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

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.