Proficio Capital Partners LLC Takes $20.79 Million Position in M&T Bank Co. (NYSE:MTB)

Proficio Capital Partners LLC purchased a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 110,584 shares of the financial services provider’s stock, valued at approximately $20,791,000. Proficio Capital Partners LLC owned 0.07% of M&T Bank at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. raised its stake in shares of M&T Bank by 1.7% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 64,700 shares of the financial services provider’s stock worth $12,164,000 after buying an additional 1,100 shares during the period. New York Life Investment Management LLC raised its position in M&T Bank by 0.6% during the fourth quarter. New York Life Investment Management LLC now owns 24,731 shares of the financial services provider’s stock worth $4,650,000 after acquiring an additional 136 shares during the period. Cable Hill Partners LLC purchased a new position in M&T Bank during the fourth quarter valued at $201,000. Daner Wealth Management LLC purchased a new position in M&T Bank during the fourth quarter valued at $259,000. Finally, Illinois Municipal Retirement Fund grew its position in shares of M&T Bank by 253.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 23,771 shares of the financial services provider’s stock valued at $4,469,000 after purchasing an additional 17,047 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on MTB shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and increased their target price for the company from $220.00 to $230.00 in a report on Monday, November 25th. Keefe, Bruyette & Woods lifted their price target on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Barclays increased their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Performance

M&T Bank stock opened at $191.68 on Friday. The firm has a 50 day simple moving average of $195.03 and a 200-day simple moving average of $191.13. The stock has a market cap of $31.50 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70.

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

M&T Bank declared that its Board of Directors 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 dividend yield of 2.82%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

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.