Elo Mutual Pension Insurance Co Purchases 2,487 Shares of M&T Bank Co. (NYSE:MTB)

Elo Mutual Pension Insurance Co boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 16.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,252 shares of the financial services provider’s stock after acquiring an additional 2,487 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in M&T Bank were worth $3,244,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of M&T Bank by 6.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 263,641 shares of the financial services provider’s stock valued at $50,498,000 after purchasing an additional 15,468 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in M&T Bank by 54.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 123,101 shares of the financial services provider’s stock valued at $23,144,000 after buying an additional 43,176 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of M&T Bank by 2.4% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,176 shares of the financial services provider’s stock valued at $1,161,000 after buying an additional 142 shares during the last quarter. Zions Bancorporation N.A. boosted its stake in shares of M&T Bank by 226.5% during the 4th quarter. Zions Bancorporation N.A. now owns 1,332 shares of the financial services provider’s stock worth $250,000 after acquiring an additional 924 shares during the period. Finally, TIAA Trust National Association increased its holdings in shares of M&T Bank by 1.1% during the 4th quarter. TIAA Trust National Association now owns 6,190 shares of the financial services provider’s stock worth $1,164,000 after acquiring an additional 70 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Morgan Stanley decreased their target price on 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. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 price target (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $218.79.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now 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 legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by insiders.

M&T Bank Trading Down 2.5 %

MTB opened at $175.21 on Friday. 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 Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The stock has a market capitalization of $28.78 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. The company has a 50-day simple moving average of $189.44 and a 200 day simple moving average of $192.44.

M&T Bank (NYSE:MTB) last posted its quarterly 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 quarter last year, the business posted $2.74 EPS. Analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. M&T Bank’s payout ratio is 36.91%.

M&T Bank announced that its Board of Directors has authorized a share repurchase 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 buy 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.