Cooke & Bieler LP Decreases Holdings in M&T Bank Co. (NYSE:MTB)

Cooke & Bieler LP lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 39.8% during the fourth quarter, Holdings Channel reports. The firm owned 222,450 shares of the financial services provider’s stock after selling 147,160 shares during the quarter. Cooke & Bieler LP’s holdings in M&T Bank were worth $41,823,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd boosted its holdings in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in M&T Bank in the 3rd quarter valued at $32,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the last quarter. Y.D. More Investments Ltd raised its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the last quarter. Finally, Human Investing LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth $44,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $173.68 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 stock has a market cap of $28.53 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The firm’s fifty day simple moving average is $193.77 and its 200 day simple moving average is $192.04. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the firm posted $2.74 earnings per share. As a group, research analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. DA Davidson increased their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.