Roberts Glore & Co. Inc. IL Lowers Position in M&T Bank Co. (NYSE:MTB)

Roberts Glore & Co. Inc. IL lessened its holdings in M&T Bank Co. (NYSE:MTB) by 1.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,385 shares of the financial services provider’s stock after selling 133 shares during the period. Roberts Glore & Co. Inc. IL’s holdings in M&T Bank were worth $1,952,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MTB. FMR LLC raised its position in shares of 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 worth $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp raised its position in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of M&T Bank in the third quarter worth $44,422,000. Finally, Amundi increased its stake in M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after acquiring an additional 244,709 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 0.9 %

NYSE MTB opened at $178.62 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market capitalization of $29.34 billion, a PE ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The business’s 50-day moving average is $194.07 and its 200 day moving average is $191.77.

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

M&T Bank announced that its board has initiated a stock buyback program 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 purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wells Fargo & Company increased their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Truist Financial reissued a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Finally, Compass Point increased their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. One research 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’s stock. Based on data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average target price of $221.68.

About M&T Bank

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.