Trail Ridge Investment Advisors LLC purchased a new position in M&T Bank Co. (NYSE:MTB – Get Rating) in the fourth quarter, Holdings Channel reports. The fund purchased 2,537 shares of the financial services provider’s stock, valued at approximately $390,000.
A number of other hedge funds also recently added to or reduced their stakes in MTB. CVA Family Office LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $31,000. Widmann Financial Services Inc. acquired a new stake in M&T Bank during the fourth quarter worth approximately $37,000. UMB Bank N A MO acquired a new stake in M&T Bank during the fourth quarter worth approximately $49,000. Lindbrook Capital LLC raised its holdings in M&T Bank by 39.2% during the fourth quarter. Lindbrook Capital LLC now owns 355 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 100 shares in the last quarter. Finally, Covestor Ltd acquired a new position in shares of M&T Bank in the 4th quarter valued at $55,000. 87.61% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on MTB. Wells Fargo & Company lifted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, April 21st. JPMorgan Chase & Co. started coverage on shares of M&T Bank in a research note on Thursday, April 14th. They issued a “neutral” rating on the stock. Morgan Stanley raised shares of M&T Bank from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $179.00 to $238.00 in a research note on Thursday, April 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of M&T Bank from $180.00 to $200.00 in a research report on Friday, March 25th. Finally, StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $192.28.
NYSE:MTB traded up $1.02 on Wednesday, reaching $170.08. The stock had a trading volume of 13,582 shares, compared to its average volume of 1,620,803. The company has a market cap of $30.52 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.01 and a beta of 0.87. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s fifty day moving average is $169.66 and its two-hundred day moving average is $167.59. M&T Bank Co. has a 12-month low of $128.46 and a 12-month high of $186.95.
M&T Bank (NYSE:MTB – Get Rating) last released its earnings results on Wednesday, April 20th. The financial services provider reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.24. M&T Bank had a net margin of 29.31% and a return on equity of 11.45%. During the same period last year, the business posted $3.41 EPS. As a group, research analysts forecast that M&T Bank Co. will post 13.06 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 1st will be issued a $1.20 dividend. The ex-dividend date is Tuesday, May 31st. This represents a $4.80 dividend on an annualized basis and a yield of 2.82%. M&T Bank’s dividend payout ratio (DPR) is 36.67%.
M&T Bank declared that its board has approved a share buyback plan on Tuesday, February 22nd that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
About M&T Bank (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
- Get a free copy of the StockNews.com research report on M&T Bank (MTB)
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