M&T Bank Co. (NYSE:MTB) Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 0.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 55,183 shares of the financial services provider’s stock after buying an additional 243 shares during the period. State of New Jersey Common Pension Fund D’s holdings in M&T Bank were worth $10,375,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Sierra Ocean LLC acquired a new position in M&T Bank in the 4th quarter valued at $44,000. Monument Capital Management purchased a new stake in shares of M&T Bank during the fourth quarter worth $206,000. Sheaff Brock Investment Advisors LLC grew its holdings in shares of M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after buying an additional 63 shares in the last quarter. Allworth Financial LP raised its position in shares of M&T Bank by 1,381.3% in the fourth quarter. Allworth Financial LP now owns 18,665 shares of the financial services provider’s stock valued at $3,651,000 after buying an additional 17,405 shares during the last quarter. Finally, Principal Securities Inc. lifted its stake in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 over the last quarter. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of recent research reports. Truist Financial reiterated a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Compass Point raised their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $221.68.

M&T Bank Stock Up 0.8 %

MTB stock opened at $198.75 on Tuesday. The stock has a market cap of $32.98 billion, a P/E ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company’s 50 day moving average is $195.59 and its two-hundred day moving average is $189.02.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results 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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $2.74 earnings per share. Research analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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