Sierra Ocean LLC Invests $44,000 in M&T Bank Co. (NYSE:MTB)

Sierra Ocean LLC purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 234 shares of the financial services provider’s stock, valued at approximately $44,000.

Several other large investors also recently modified their holdings of MTB. FMR LLC boosted its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp lifted its stake in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares during the period. Geode Capital Management LLC increased its position in shares of M&T Bank by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after buying an additional 66,337 shares in the last quarter. Finally, Senvest Management LLC increased its position in shares of M&T Bank by 12.3% in the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after buying an additional 96,500 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. Compass Point increased their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Barclays increased their price objective 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. DA Davidson raised their target price on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Stock Up 0.8 %

Shares of MTB opened at $198.75 on Tuesday. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a market cap of $32.98 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The firm has a 50 day simple moving average of $195.59 and a two-hundred day simple moving average of $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 (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank declared that its board has initiated a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now directly owns 35,480 shares in the company, valued at $7,715,126. This trade represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,611 shares of company stock worth $5,354,777. Corporate insiders own 0.82% of the company’s stock.

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.