Assetmark Inc. Acquires 2,315 Shares of M&T Bank Co. (NYSE:MTB)

Assetmark Inc. increased its stake in M&T Bank Co. (NYSE:MTB) by 6.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,731 shares of the financial services provider’s stock after acquiring an additional 2,315 shares during the quarter. Assetmark Inc.’s holdings in M&T Bank were worth $7,658,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. FMR LLC increased its stake in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp grew 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 buying an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. increased its position in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake in M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares during the period. Finally, Senvest Management LLC boosted its holdings in M&T Bank by 12.3% in the third quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock worth $157,252,000 after acquiring an additional 96,500 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 0.9 %

Shares of MTB stock opened at $178.62 on Friday. 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 market cap of $29.35 billion, a P/E ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.79. The company has a 50 day moving average of $194.07 and a 200-day moving average of $191.56. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 in the prior year, the business posted $2.74 earnings per share. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

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

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Wall Street Analysts Forecast Growth

MTB has been the subject of several recent research reports. Compass Point boosted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler raised their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. The Goldman Sachs Group lifted their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Barclays upped their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $221.68.

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.