Northeast Investment Management bought a new position in shares of M&T Bank Corporation (NYSE:MTB – Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,091 shares of the financial services provider’s stock, valued at approximately $824,000.
Several other hedge funds have also recently modified their holdings of MTB. Empowered Funds LLC lifted its position in shares of M&T Bank by 11.9% during the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after buying an additional 362 shares in the last quarter. Woodline Partners LP raised its holdings in shares of M&T Bank by 40.7% in the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after purchasing an additional 4,054 shares during the period. Lazard Asset Management LLC raised its holdings in shares of M&T Bank by 24.6% in the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 572 shares during the period. MUFG Securities EMEA plc bought a new stake in shares of M&T Bank in the 2nd quarter worth approximately $92,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of M&T Bank by 4.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 71 shares during the period. Institutional investors own 84.68% of the company’s stock.
Insider Buying and Selling at M&T Bank
In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael A. Wisler sold 8,237 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the completion of the transaction, the executive vice president owned 4,643 shares in the company, valued at $1,037,617.64. The trade was a 63.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.44% of the company’s stock.
M&T Bank Stock Up 0.4%
M&T Bank (NYSE:MTB – Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $3.32 EPS. Equities research analysts expect that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.
M&T Bank declared that its board has initiated a share buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
M&T Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.9%. M&T Bank’s payout ratio is currently 33.59%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on MTB shares. Piper Sandler lifted their price objective on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Cantor Fitzgerald decreased their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, April 17th. Jefferies Financial Group lifted their price objective on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Truist Financial set a $230.00 price objective on M&T Bank in a report on Tuesday, January 20th. Finally, UBS Group set a $235.00 price objective on M&T Bank in a report on Thursday, April 16th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $235.32.
Get Our Latest Stock Analysis on MTB
About M&T Bank
M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.
Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.
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