AMF Tjanstepension AB Invests $8.36 Million in M&T Bank Co. (NYSE:MTB)

AMF Tjanstepension AB acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 44,441 shares of the financial services provider’s stock, valued at approximately $8,355,000.

Other hedge funds also recently modified their holdings of the company. FMR LLC increased its holdings 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 valued at $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp increased its holdings 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 valued at $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 valued at $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of M&T Bank in the third quarter valued at approximately $44,422,000. Finally, Sapient Capital LLC boosted its stake in M&T Bank by 9,754.9% in the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after acquiring an additional 182,417 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Up 0.9 %

M&T Bank stock opened at $178.62 on Friday. The firm has a market capitalization of $29.34 billion, a PE ratio of 12.21, a P/E/G ratio of 1.38 and a beta of 0.74. The company’s 50-day moving average is $194.07 and its 200-day moving average is $191.77. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

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 for the quarter, beating 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 period in the previous year, the company posted $2.74 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. M&T Bank’s payout ratio is presently 36.91%.

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

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Compass Point lifted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler lifted their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Keefe, Bruyette & Woods lifted their price target 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. Finally, The Goldman Sachs Group lifted their price target on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank 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.