Geode Capital Management LLC Has $858.03 Million Holdings in M&T Bank Corporation $MTB

Geode Capital Management LLC lessened its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,274,367 shares of the financial services provider’s stock after selling 41,467 shares during the period. Geode Capital Management LLC’s holdings in M&T Bank were worth $858,026,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. LSV Asset Management raised its position in shares of M&T Bank by 19.9% during the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock worth $67,665,000 after acquiring an additional 56,750 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of M&T Bank by 120.3% during the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider’s stock worth $3,542,000 after acquiring an additional 9,788 shares during the last quarter. Plato Investment Management Ltd raised its position in shares of M&T Bank by 54.3% during the third quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider’s stock worth $1,618,000 after acquiring an additional 2,905 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of M&T Bank by 64.0% during the third quarter. Fisher Asset Management LLC now owns 36,215 shares of the financial services provider’s stock worth $7,157,000 after acquiring an additional 14,135 shares during the last quarter. Finally, Delphi Management Inc. MA bought a new position in shares of M&T Bank during the fourth quarter worth about $1,524,000. 84.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.44% of the stock is owned by insiders.

Analysts Set New Price Targets

MTB has been the subject of a number of analyst reports. Jefferies Financial Group raised their price objective on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird increased their price objective on shares of M&T Bank from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Piper Sandler increased their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Cantor Fitzgerald decreased their price objective on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, April 17th. Finally, Argus increased their price objective on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $235.32.

M&T Bank Stock Up 0.8%

Shares of M&T Bank stock opened at $215.94 on Friday. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s 50-day moving average is $212.06 and its 200 day moving average is $209.82. The firm has a market cap of $31.62 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.09 and a beta of 0.59.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the company earned $3.32 EPS. Equities research analysts anticipate that M&T Bank Corporation will post 18.69 EPS for the current year.

M&T Bank announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, June 1st. M&T Bank’s payout ratio is presently 33.59%.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.