W.G. Shaheen & Associates DBA Whitney & Co Invests $202,000 in M&T Bank Co. (NYSE:MTB)

W.G. Shaheen & Associates DBA Whitney & Co bought a new position in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,076 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently modified their holdings of MTB. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in M&T Bank during the third quarter worth approximately $44,000. Flagship Harbor Advisors LLC raised its stake in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after buying an additional 1,295 shares during the period. Summit Trail Advisors LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at $290,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Truist Financial reissued 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. Keefe, Bruyette & Woods increased their price target on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. restated 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. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and upped their target price for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Stock Down 2.0 %

MTB stock opened at $193.48 on Monday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market cap of $31.80 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company’s 50 day moving average is $195.09 and its 200 day moving average is $190.29.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data 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 return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company earned $2.74 earnings per share. Sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.79%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. This represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

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