Magnetar Financial LLC Takes Position in M&T Bank Co. (NYSE:MTB)

Magnetar Financial LLC purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 12,570 shares of the financial services provider’s stock, valued at approximately $2,363,000.

A number of other hedge funds have also recently modified their holdings of MTB. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC lifted its stake in shares of M&T Bank by 89.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 1,295 shares during the period. US Bancorp DE raised its position in M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after acquiring an additional 1,639 shares during the period. Summit Trail Advisors LLC bought a new position in M&T Bank in the 4th quarter worth $290,000. Finally, Valeo Financial Advisors LLC bought a new position in shares of M&T Bank in the fourth quarter worth about $297,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB opened at $176.93 on Friday. 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 firm has a market capitalization of $29.07 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The business’s 50-day moving average is $191.19 and its two-hundred day moving average is $192.00. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 quarter last year, the company posted $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.05%. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s 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 completion of the transaction, the executive vice president now 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 SEC, which is available through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MTB shares. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Truist Financial reiterated a “buy” rating and issued a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $222.03.

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.