Forsta AP Fonden Has $6.71 Million Stock Position in M&T Bank Co. (NYSE:MTB)

Forsta AP Fonden lifted its position in shares of M&T Bank Co. (NYSE:MTB) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,700 shares of the financial services provider’s stock after purchasing an additional 300 shares during the quarter. Forsta AP Fonden’s holdings in M&T Bank were worth $6,712,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC boosted its stake in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp boosted its position in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in M&T Bank in the third quarter valued at about $44,422,000. Charles Schwab Investment Management Inc. raised its position in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in M&T Bank by 30.8% during the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock worth $106,871,000 after purchasing an additional 141,337 shares during the period. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $200.91 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The firm has a market cap of $33.33 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.40 and a beta of 0.79. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70. The stock’s 50-day moving average is $199.69 and its 200-day moving average is $186.49.

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 net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the company posted $2.74 EPS. Equities analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank declared that its board has authorized a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MTB shares. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Royal Bank of Canada increased their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. DA Davidson boosted their target price on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Truist Financial reiterated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $221.68.

Insider Activity

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 1,590 shares of M&T Bank stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total transaction of $334,249.80. Following the transaction, the director now directly owns 2,108 shares of the company’s stock, valued at approximately $443,143.76. This trade represents a 43.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,987 shares of company stock valued at $6,713,709 in the last quarter. Company insiders own 0.82% 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.