KLP Kapitalforvaltning AS Acquires Shares of 55,704 M&T Bank Co. (NYSE:MTB)

KLP Kapitalforvaltning AS 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 13F filing with the Securities & Exchange Commission. The fund bought 55,704 shares of the financial services provider’s stock, valued at approximately $10,473,000.

Several other large investors have also made changes to their positions in the company. Umpqua Bank raised its holdings in M&T Bank by 11.1% during the 4th quarter. Umpqua Bank now owns 1,678 shares of the financial services provider’s stock worth $327,000 after purchasing an additional 168 shares during the last quarter. American Century Companies Inc. grew its position in shares of M&T Bank by 0.9% during the 4th quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider’s stock worth $12,782,000 after buying an additional 610 shares during the period. Mizuho Securities USA LLC grew its position in shares of M&T Bank by 45.2% during the 4th quarter. Mizuho Securities USA LLC now owns 15,726 shares of the financial services provider’s stock worth $2,957,000 after buying an additional 4,897 shares during the period. Virtu Financial LLC bought a new stake in shares of M&T Bank during the fourth quarter worth approximately $630,000. Finally, Northwest & Ethical Investments L.P. lifted its holdings in M&T Bank by 10.3% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 59,006 shares of the financial services provider’s stock valued at $11,093,000 after buying an additional 5,533 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of several recent research reports. Compass Point upped their target price on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Barclays upped their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Citigroup reduced their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus target price of $219.97.

M&T Bank Stock Up 2.4 %

Shares of MTB stock opened at $182.50 on Tuesday. M&T Bank Co. has a 12-month low of $133.03 and a 12-month 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 fifty day moving average of $190.82 and a 200-day moving average of $192.44. The company has a market capitalization of $29.98 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) 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 business posted $2.74 EPS. As a group, equities research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

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

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.