D. E. Shaw & Co. Inc. Makes New Investment in M&T Bank Co. (NYSE:MTB)

D. E. Shaw & Co. Inc. bought a new stake in M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 260,302 shares of the financial services provider’s stock, valued at approximately $48,939,000. D. E. Shaw & Co. Inc. owned 0.16% of M&T Bank at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Banque Transatlantique SA purchased a new position in M&T Bank during the 4th quarter worth $38,000. Y.D. More Investments Ltd lifted its position in 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 valued at $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC purchased a new stake in M&T Bank in the 4th quarter valued at approximately $44,000. Sierra Ocean LLC acquired a new position in M&T Bank during the 4th quarter worth approximately $44,000. Finally, Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $52,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MTB. Deutsche Bank Aktiengesellschaft raised M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a report on Thursday, April 24th. Piper Sandler cut their price target on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective 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. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, DA Davidson lowered their price target on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $208.24.

M&T Bank Stock Down 0.3 %

MTB stock opened at $177.11 on Friday. M&T Bank Co. has a one year low of $139.78 and a one year high of $225.70. The stock has a market capitalization 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 50 day moving average price of $170.16 and a two-hundred day moving average price of $189.62. 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 data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the firm earned $3.09 EPS. As a group, sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

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

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

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by company insiders.

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.