Virtu Financial LLC Makes New $630,000 Investment in M&T Bank Co. (NYSE:MTB)

Virtu Financial LLC bought a new stake in M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,352 shares of the financial services provider’s stock, valued at approximately $630,000.

Other hedge funds have also made changes to their positions in the company. Y.D. More Investments Ltd lifted its holdings in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 114 shares in the last quarter. Human Investing LLC purchased a new position in M&T Bank in the 4th quarter valued at about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $44,000. Principal Securities Inc. grew its holdings in shares of M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of M&T Bank in the third quarter valued at approximately $91,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MTB shares. Keefe, Bruyette & Woods raised their target price on shares of 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. Citigroup lowered their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday. Morgan Stanley reduced their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. The Goldman Sachs Group lifted their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Truist Financial reiterated a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $219.97.

M&T Bank Stock Up 2.4 %

Shares of NYSE MTB opened at $182.50 on Tuesday. The stock has a fifty day moving average price of $190.82 and a 200 day moving average price of $192.44. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The company has a market cap of $29.98 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 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 quarter in the prior year, the company posted $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its board has initiated a stock repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding 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 generally a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.96%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.