Colonial Trust Co SC Acquires 389 Shares of M&T Bank Co. (NYSE:MTB)

Colonial Trust Co SC raised its stake in shares of M&T Bank Co. (NYSE:MTB) by 1,852.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 410 shares of the financial services provider’s stock after purchasing an additional 389 shares during the period. Colonial Trust Co SC’s holdings in M&T Bank were worth $77,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MTB. FMR LLC lifted its stake in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares during the period. Geode Capital Management LLC raised its stake in M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the last quarter. Norges Bank bought a new stake in M&T Bank during the fourth quarter valued at $317,690,000. Finally, Northern Trust Corp grew its holdings in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock worth $316,483,000 after acquiring an additional 215,100 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $177.11 on Friday. M&T Bank Co. has a fifty-two week low of $139.78 and a fifty-two week high of $225.70. The company’s 50-day moving average is $170.16 and its 200 day moving average is $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. The company has a market capitalization of $29.10 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business earned $3.09 EPS. On average, equities research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Announces Dividend

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

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MTB. 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 report on Thursday, March 13th. Barclays reduced their price objective on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 15th. Evercore ISI reduced their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Piper Sandler cut their price objective on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Truist Financial dropped their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average target price of $208.24.

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.