Algebris UK Ltd Acquires Shares of 30,528 M&T Bank Co. (NYSE:MTB)

Algebris UK Ltd acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 30,528 shares of the financial services provider’s stock, valued at approximately $5,543,000. M&T Bank makes up about 1.4% of Algebris UK Ltd’s investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds have also recently bought and sold shares of MTB. Sanctuary Advisors LLC grew its position in shares of M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after acquiring an additional 52 shares in the last quarter. Catalina Capital Group LLC grew its position in shares of M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares in the last quarter. Parallel Advisors LLC grew its position in shares of M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 60 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its position in shares of M&T Bank by 1.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after acquiring an additional 63 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its position in shares of M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 66 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Down 0.3 %

Shares of MTB stock opened at $174.82 on Wednesday. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The stock has a market cap of $28.72 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The business’s fifty day moving average is $191.75 and its 200-day moving average is $192.21. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 previous year, the firm posted $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

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

Wall Street Analysts Forecast Growth

MTB has been the topic of several recent research reports. Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Compass Point raised their price target on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Truist Financial reissued a “buy” rating and issued a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Barclays raised their price target on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, Morgan Stanley cut their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $222.03.

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 value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is owned by insiders.

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.