Virtu Financial LLC Takes $630,000 Position in M&T Bank Co. (NYSE:MTB)

Virtu Financial LLC purchased a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,352 shares of the financial services provider’s stock, valued at approximately $630,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwest & Ethical Investments L.P. increased its holdings in shares of M&T Bank by 10.3% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 59,006 shares of the financial services provider’s stock valued at $11,093,000 after acquiring an additional 5,533 shares during the last quarter. Magnetar Financial LLC acquired a new position in M&T Bank in the fourth quarter worth $2,363,000. Teacher Retirement System of Texas bought a new stake in M&T Bank during the fourth quarter valued at $294,000. Royal London Asset Management Ltd. lifted its position in shares of M&T Bank by 0.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 68,236 shares of the financial services provider’s stock worth $12,829,000 after buying an additional 588 shares during the last quarter. Finally, L.K. Benson & Company P.C. bought a new position in M&T Bank in the fourth quarter worth about $835,000. 84.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. Keefe, Bruyette & Woods raised their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Morgan Stanley decreased their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Truist Financial reissued a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Finally, Barclays lifted 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 research note on Monday, January 6th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $219.97.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Up 2.4 %

NYSE:MTB opened at $182.50 on Tuesday. The business’s fifty day moving average price is $190.82 and its 200 day moving average price is $192.44. The firm has a market capitalization of $29.98 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.38 and a beta of 0.74. 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 1-year low of $133.03 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last issued 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 period in the prior year, the business posted $2.74 EPS. On average, sell-side analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced 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. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

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

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