Independent Advisor Alliance Buys 478 Shares of M&T Bank Co. (NYSE:MTB)

Independent Advisor Alliance boosted its stake in M&T Bank Co. (NYSE:MTB) by 29.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,077 shares of the financial services provider’s stock after acquiring an additional 478 shares during the period. Independent Advisor Alliance’s holdings in M&T Bank were worth $391,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MTB. CIBC Asset Management Inc boosted its holdings in M&T Bank by 7.1% in the third quarter. CIBC Asset Management Inc now owns 28,429 shares of the financial services provider’s stock valued at $5,064,000 after acquiring an additional 1,882 shares during the last quarter. Empowered Funds LLC boosted its holdings in M&T Bank by 9.7% in the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 245 shares during the last quarter. Natixis Advisors LLC boosted its holdings in M&T Bank by 10.3% in the third quarter. Natixis Advisors LLC now owns 195,879 shares of the financial services provider’s stock valued at $34,890,000 after acquiring an additional 18,318 shares during the last quarter. Mill Creek Capital Advisors LLC bought a new stake in M&T Bank in the third quarter valued at approximately $224,000. Finally, Thrivent Financial for Lutherans boosted its holdings in M&T Bank by 33.3% in the third quarter. Thrivent Financial for Lutherans now owns 87,626 shares of the financial services provider’s stock valued at $15,608,000 after acquiring an additional 21,881 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MTB has been the topic of several recent analyst reports. Morgan Stanley dropped their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Piper Sandler boosted their price target 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. DA Davidson boosted their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Compass Point boosted their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $222.03.

M&T Bank Trading Up 0.0 %

NYSE MTB opened at $175.61 on Tuesday. The firm has a market capitalization of $28.85 billion, a P/E ratio of 12.00, a PEG ratio of 1.38 and a beta of 0.74. The business has a fifty day simple moving average of $192.09 and a 200 day simple moving average of $192.19. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates 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 company posted $2.74 earnings per share. On average, analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

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

Insider Activity at M&T Bank

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

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.