Meiji Yasuda Asset Management Co Ltd. Acquires 142 Shares of M&T Bank Co. (NYSE:MTB)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in M&T Bank Co. (NYSE:MTB) by 2.4% during the fourth quarter, Holdings Channel reports. The fund owned 6,176 shares of the financial services provider’s stock after purchasing an additional 142 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in M&T Bank were worth $1,161,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MTB. Great Valley Advisor Group Inc. lifted its stake in shares of M&T Bank by 7.8% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 3,465 shares of the financial services provider’s stock worth $618,000 after buying an additional 252 shares during the last quarter. Cerity Partners LLC lifted its position in M&T Bank by 116.3% during the third quarter. Cerity Partners LLC now owns 31,591 shares of the financial services provider’s stock worth $5,627,000 after acquiring an additional 16,983 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of M&T Bank by 6.6% during the third quarter. Kingsview Wealth Management LLC now owns 1,785 shares of the financial services provider’s stock worth $318,000 after acquiring an additional 110 shares during the period. Daiwa Securities Group Inc. grew its position in shares of M&T Bank by 12.0% in the third quarter. Daiwa Securities Group Inc. now owns 20,445 shares of the financial services provider’s stock valued at $3,642,000 after purchasing an additional 2,194 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of M&T Bank by 4.8% during the third quarter. Brown Brothers Harriman & Co. now owns 2,814 shares of the financial services provider’s stock worth $501,000 after purchasing an additional 129 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

M&T Bank stock opened at $182.10 on Thursday. The stock has a fifty day moving average of $190.20 and a 200-day moving average of $192.48. The stock has a market capitalization of $29.92 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 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 previous year, the company earned $2.74 earnings per share. On average, sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 2.97%. M&T Bank’s payout ratio is presently 36.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. 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. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Citigroup lowered their price target on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, DA Davidson increased their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $219.97.

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.