Lecap Asset Management Ltd. Makes New Investment in M&T Bank Co. (NYSE:MTB)

Lecap Asset Management Ltd. purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,284 shares of the financial services provider’s stock, valued at approximately $1,745,000.

Several other large investors have also recently modified their holdings of MTB. Plato Investment Management Ltd increased its stake in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank during the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC increased its position in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 158 shares during the last quarter. Finally, Y.D. More Investments Ltd lifted its position 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 acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MTB shares. The Goldman Sachs Group lifted their target price on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Evercore ISI lifted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada increased their price target on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Piper Sandler boosted their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $221.68.

Insiders Place Their Bets

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,397 shares of company stock valued at $6,379,459 in the last ninety days. Insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 1.6 %

Shares of MTB stock opened at $201.98 on Friday. The stock has a market capitalization of $33.51 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79. The company has a 50 day moving average price of $197.86 and a 200 day moving average price of $187.62. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

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, topping analysts’ consensus estimates 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 prior year, the company earned $2.74 earnings per share. Equities research analysts predict that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm 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 2.67%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 36.91%.

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

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.