KLP Kapitalforvaltning AS Invests $10.47 Million in M&T Bank Co. (NYSE:MTB)

KLP Kapitalforvaltning AS bought a new stake in M&T Bank Co. (NYSE:MTB) in the 4th quarter, Holdings Channel reports. The firm bought 55,704 shares of the financial services provider’s stock, valued at approximately $10,473,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Umpqua Bank lifted its stake in M&T Bank by 11.1% in the fourth quarter. Umpqua Bank now owns 1,678 shares of the financial services provider’s stock valued at $327,000 after acquiring an additional 168 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of M&T Bank by 0.9% in the 4th quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider’s stock valued at $12,782,000 after purchasing an additional 610 shares during the period. Mizuho Securities USA LLC lifted its stake in M&T Bank by 45.2% in the 4th quarter. Mizuho Securities USA LLC now owns 15,726 shares of the financial services provider’s stock valued at $2,957,000 after purchasing an additional 4,897 shares during the last quarter. Virtu Financial LLC acquired a new stake in M&T Bank in the 4th quarter valued at about $630,000. Finally, Northwest & Ethical Investments L.P. grew its holdings in M&T Bank by 10.3% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 59,006 shares of the financial services provider’s stock worth $11,093,000 after purchasing an additional 5,533 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Trading Up 2.4 %

Shares of MTB stock opened at $182.50 on Tuesday. The stock has a 50 day simple moving average of $190.82 and a 200 day simple moving average of $192.44. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market cap of $29.98 billion, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 quarter in the prior year, the business posted $2.74 earnings per share. On average, research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

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

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.96%. M&T Bank’s payout ratio is 36.91%.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MTB. DA Davidson upped their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Barclays upped their price objective 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 restated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $219.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.