Magnetar Financial LLC Makes New Investment in M&T Bank Co. (NYSE:MTB)

Magnetar Financial LLC bought a new stake in M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,570 shares of the financial services provider’s stock, valued at approximately $2,363,000.

Several other hedge funds also recently modified their holdings of the stock. FMR LLC lifted its stake in M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp lifted its position in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in M&T Bank in the 3rd quarter worth about $44,422,000. Finally, Amundi increased its stake in M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after buying an additional 244,709 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MTB shares. Piper Sandler upped their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Truist Financial reaffirmed a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Evercore ISI lowered their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Morgan Stanley lowered 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 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 company. According to data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $222.03.

M&T Bank Trading Down 0.1 %

Shares of MTB stock opened at $176.93 on Friday. The company’s fifty day simple moving average is $191.19 and its two-hundred day simple moving average is $192.00. 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. The stock has a market capitalization of $29.07 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 quarter last year, the firm posted $2.74 EPS. As a group, analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

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

M&T Bank Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.05%. M&T Bank’s dividend payout ratio (DPR) is currently 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.