Tocqueville Asset Management L.P. Raises Position in M&T Bank Co. (NYSE:MTB)

Tocqueville Asset Management L.P. boosted its position in M&T Bank Co. (NYSE:MTB) by 0.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 169,225 shares of the financial services provider’s stock after purchasing an additional 95 shares during the period. Tocqueville Asset Management L.P. owned about 0.10% of M&T Bank worth $31,816,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Y.D. More Investments Ltd lifted its holdings in shares of M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after buying an additional 114 shares during the period. Human Investing LLC purchased a new position in M&T Bank in the fourth quarter worth $44,000. Sierra Ocean LLC acquired a new stake in M&T Bank in the fourth quarter valued at $44,000. Principal Securities Inc. boosted its position in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 132 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of M&T Bank during the 3rd quarter worth $91,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MTB. Truist Financial reissued a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. DA Davidson boosted their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective 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 M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus target price of $222.03.

M&T Bank Stock Performance

Shares of MTB opened at $175.61 on Tuesday. The company has a market capitalization of $28.85 billion, a price-to-earnings ratio of 12.00, 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. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company’s 50 day simple moving average is $192.09 and its 200 day simple moving average is $192.19.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 business earned $2.74 EPS. On average, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.07%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank announced that its Board of Directors has approved a stock buyback program 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 programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction 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 owns 10,751 shares in the company, valued at $1,852,827.34. This trade 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 this link. 0.53% of the stock is owned by insiders.

About M&T Bank

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.