Nisa Investment Advisors LLC Increases Stock Holdings in M&T Bank Co. (NYSE:MTB)

Nisa Investment Advisors LLC grew its position in shares of M&T Bank Co. (NYSE:MTB) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,741 shares of the financial services provider’s stock after buying an additional 3,404 shares during the quarter. Nisa Investment Advisors LLC’s holdings in M&T Bank were worth $13,300,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in M&T Bank by 13.9% in the 3rd 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 position 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 buying an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of M&T Bank during the 3rd quarter worth $44,422,000. Charles Schwab Investment Management Inc. boosted its position in shares of M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in M&T Bank by 30.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock valued at $106,871,000 after acquiring an additional 141,337 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity

In related news, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,994 shares of company stock valued at $13,331,878 over the last three months. 0.82% of the stock is owned by insiders.

M&T Bank Stock Performance

Shares of MTB opened at $196.96 on Friday. The firm has a market cap of $32.68 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. The company’s fifty day moving average is $201.43 and its 200-day moving average is $184.73. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 quarter in the prior year, the business earned $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has approved 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 shares through open market purchases. Shares buyback programs are generally 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 was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.74%. M&T Bank’s payout ratio is 36.91%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MTB shares. Evercore ISI lifted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. DA Davidson lifted their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. Finally, The Goldman Sachs Group increased their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.