M&T Bank Co. (NYSE:MTB) Shares Bought by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd boosted its stake in shares of M&T Bank Co. (NYSE:MTB) by 120.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,593 shares of the financial services provider’s stock after buying an additional 870 shares during the period. Harvest Fund Management Co. Ltd’s holdings in M&T Bank were worth $300,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. FMR LLC boosted its stake in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp lifted its stake in shares of M&T Bank by 6.4% in the 3rd 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of M&T Bank by 5.0% in the 4th 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 during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of M&T Bank in the 3rd quarter valued at $44,422,000. Finally, Amundi lifted its stake in shares of M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MTB. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Barclays increased their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Morgan Stanley decreased their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Finally, Evercore ISI decreased their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. 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. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $222.03.

M&T Bank Trading Up 0.7 %

MTB opened at $178.19 on Friday. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a market cap of $29.27 billion, a P/E ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The business’s 50-day simple moving average is $190.99 and its 200-day simple moving average is $192.04.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company posted $2.74 EPS. As a group, equities research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.03%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

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

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

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.