Roberts Glore & Co. Inc. IL Lowers Position in M&T Bank Co. (NYSE:MTB)

Roberts Glore & Co. Inc. IL cut its stake in M&T Bank Co. (NYSE:MTB) by 1.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,385 shares of the financial services provider’s stock after selling 133 shares during the quarter. Roberts Glore & Co. Inc. IL’s holdings in M&T Bank were worth $1,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MTB. QRG Capital Management Inc. lifted its holdings in M&T Bank by 12.7% in the third quarter. QRG Capital Management Inc. now owns 1,973 shares of the financial services provider’s stock worth $351,000 after buying an additional 223 shares during the period. Graypoint LLC purchased a new position in shares of M&T Bank during the third quarter valued at approximately $235,000. Principal Financial Group Inc. lifted its holdings in shares of M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of M&T Bank during the third quarter valued at approximately $44,000. Finally, Assetmark Inc. lifted its holdings in shares of M&T Bank by 6.6% during the third quarter. Assetmark Inc. now owns 38,416 shares of the financial services provider’s stock valued at $6,843,000 after purchasing an additional 2,387 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Up 0.9 %

NYSE:MTB opened at $178.62 on Friday. 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 $29.34 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a 50 day simple moving average of $194.07 and a two-hundred day simple moving average of $191.77.

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 analysts’ consensus estimates 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 prior year, the firm posted $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a share repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MTB shares. Piper Sandler lifted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Barclays lifted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Truist Financial reiterated a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Wells Fargo & Company lifted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $221.68.

M&T Bank Company 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.