M&T Bank Co. (NYSE:MTB) Shares Purchased by ProShare Advisors LLC

ProShare Advisors LLC increased its position in shares of M&T Bank Co. (NYSE:MTB) by 6.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,587 shares of the financial services provider’s stock after purchasing an additional 2,597 shares during the quarter. ProShare Advisors LLC’s holdings in M&T Bank were worth $8,007,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new stake in M&T Bank during the 4th quarter worth $38,000. Y.D. More Investments Ltd lifted its stake in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC purchased a new position in shares of M&T Bank in the fourth quarter worth about $44,000. Sierra Ocean LLC acquired a new position in M&T Bank during the fourth quarter worth about $44,000. Finally, Loomis Sayles & Co. L P purchased a new stake in M&T Bank during the 4th quarter valued at about $52,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In related 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $187.78 on Friday. The stock has a market capitalization of $30.14 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth 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. The business has a 50-day moving average of $171.22 and a 200 day moving average of $189.27. M&T Bank Co. has a 12 month low of $139.78 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the business posted $3.09 EPS. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.88%. M&T Bank’s dividend payout ratio (DPR) is 36.17%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday. Barclays lowered their price objective on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 15th. Citigroup cut their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Truist Financial lowered their price target on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $209.33.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.