Loomis Sayles & Co. L P Buys Shares of 274 M&T Bank Co. (NYSE:MTB)

Loomis Sayles & Co. L P purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 274 shares of the financial services provider’s stock, valued at approximately $52,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Townsquare Capital LLC purchased a new position in M&T Bank in the third quarter worth about $230,000. Glenmede Trust Co. NA lifted its stake in shares of M&T Bank by 2.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 8,873 shares of the financial services provider’s stock worth $1,580,000 after purchasing an additional 238 shares during the period. Fiduciary Trust Co boosted its holdings in shares of M&T Bank by 20.9% in the third quarter. Fiduciary Trust Co now owns 3,207 shares of the financial services provider’s stock worth $571,000 after buying an additional 554 shares during the last quarter. Public Sector Pension Investment Board grew its position in M&T Bank by 2.8% during the third quarter. Public Sector Pension Investment Board now owns 29,095 shares of the financial services provider’s stock valued at $5,182,000 after buying an additional 800 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new stake in M&T Bank during the third quarter valued at approximately $219,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $175.21 on Monday. 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 firm has a market cap of $28.78 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. The firm has a fifty day moving average price of $189.44 and a 200 day moving average price of $192.80. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates 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 business earned $2.74 earnings per share. As a group, sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insider Transactions at M&T Bank

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on MTB shares. Barclays lifted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Citigroup lowered their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Compass Point upped their price target on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. 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 issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus price target of $218.79.

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.