Elo Mutual Pension Insurance Co Purchases 2,487 Shares of M&T Bank Co. (NYSE:MTB)

Elo Mutual Pension Insurance Co lifted its position in shares of M&T Bank Co. (NYSE:MTB) by 16.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 17,252 shares of the financial services provider’s stock after buying an additional 2,487 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in M&T Bank were worth $3,244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the period. Zurich Insurance Group Ltd FI bought a new position in M&T Bank during the 3rd quarter worth $44,422,000. Amundi grew its position in shares of M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after buying an additional 244,709 shares during the last quarter. Finally, LGT Capital Partners LTD. acquired a new stake in shares of M&T Bank in the fourth quarter valued at about $34,803,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s 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 sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Stock Down 2.5 %

MTB stock opened at $175.21 on Friday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The stock has a market cap of $28.78 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. The stock’s fifty day simple moving average is $189.44 and its two-hundred day simple moving average is $192.44. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

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 for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the company earned $2.74 earnings per share. Analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its board has authorized a stock repurchase 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. M&T Bank’s payout ratio is currently 36.91%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MTB. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Evercore ISI dropped their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Barclays upped their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, DA Davidson boosted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $218.79.

M&T Bank 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.