Prudential Financial Inc. Buys 35,001 Shares of M&T Bank Co. (NYSE:MTB)

Prudential Financial Inc. grew its stake in M&T Bank Co. (NYSE:MTB) by 30.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,681 shares of the financial services provider’s stock after purchasing an additional 35,001 shares during the quarter. Prudential Financial Inc. owned approximately 0.09% of M&T Bank worth $28,142,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MTB. Y.D. More Investments Ltd grew its holdings in 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 in the last quarter. Human Investing LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at about $44,000. Sierra Ocean LLC bought a new position in M&T Bank during the fourth quarter worth about $44,000. Principal Securities Inc. raised its stake in M&T Bank by 47.5% in 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 bought a new stake in M&T Bank in the 3rd quarter valued at about $91,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

M&T Bank stock opened at $182.97 on Wednesday. The firm has a fifty day simple moving average of $190.58 and a two-hundred day simple moving average of $192.56. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a market capitalization of $30.06 billion, a PE ratio of 12.51, a P/E/G ratio of 1.38 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its earnings results 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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the business earned $2.74 EPS. Research analysts expect 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. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

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

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Compass Point boosted their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Morgan Stanley reduced 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 research note on Thursday, March 13th. Finally, Piper Sandler boosted their target price on shares of 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 assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $219.97.

Insiders Place Their Bets

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 stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

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