Resona Asset Management Co. Ltd. Purchases Shares of 48,097 M&T Bank Co. (NYSE:MTB)

Resona Asset Management Co. Ltd. acquired a new stake in M&T Bank Co. (NYSE:MTB) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 48,097 shares of the financial services provider’s stock, valued at approximately $9,051,000.

Several other institutional investors have also recently modified their holdings of the company. Y.D. More Investments Ltd increased its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares during the period. Human Investing LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank in the fourth quarter worth $44,000. Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank during the fourth quarter worth $52,000. Finally, Principal Securities Inc. lifted its position in M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 132 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Up 0.3 %

MTB stock opened at $157.55 on Tuesday. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a 50-day simple moving average of $185.95 and a 200-day simple moving average of $192.65. The stock has a market capitalization of $25.88 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 earnings per share. Equities analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its board has approved a share buyback plan 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 plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The shares were 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 in the company, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent research reports. Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. decreased their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Wells Fargo & Company lowered their price objective on M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research report on Friday, March 28th. Truist Financial cut their target price on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a report on Friday. Finally, DA Davidson increased their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One research 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 MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $215.97.

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.