Enhancing Capital LLC Buys Shares of 1,100 M&T Bank Co. (NYSE:MTB)

Enhancing Capital LLC bought a new stake in M&T Bank Co. (NYSE:MTB) during the 4th quarter, Holdings Channel.com reports. The fund bought 1,100 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Empowered Funds LLC grew its stake in M&T Bank by 9.7% in the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 245 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in M&T Bank by 33.3% in the third quarter. Thrivent Financial for Lutherans now owns 87,626 shares of the financial services provider’s stock valued at $15,608,000 after purchasing an additional 21,881 shares during the last quarter. Pathstone Holdings LLC grew its stake in M&T Bank by 0.7% in the third quarter. Pathstone Holdings LLC now owns 28,625 shares of the financial services provider’s stock valued at $5,099,000 after purchasing an additional 185 shares during the last quarter. Caprock Group LLC grew its stake in M&T Bank by 10.8% in the third quarter. Caprock Group LLC now owns 10,731 shares of the financial services provider’s stock valued at $1,911,000 after purchasing an additional 1,048 shares during the last quarter. Finally, Smead Capital Management Inc. grew its stake in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after purchasing an additional 16,657 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the 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 completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. DA Davidson lifted their target price 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. Keefe, Bruyette & Woods upped their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Morgan Stanley cut their price objective on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Truist Financial restated 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. Finally, Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and an average target price of $222.03.

M&T Bank Trading Down 0.3 %

M&T Bank stock opened at $174.82 on Wednesday. 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 12 month low of $133.03 and a 12 month high of $225.70. The stock’s 50 day simple moving average is $191.75 and its two-hundred day simple moving average is $192.21. The firm has a market cap of $28.72 billion, a PE ratio of 11.95, a P/E/G ratio of 1.38 and a beta of 0.74.

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, 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 period last year, the firm posted $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

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

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid 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 payout ratio is 36.91%.

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.