Norges Bank Makes New Investment in M&T Bank Co. (NYSE:MTB)

Norges Bank bought a new stake in M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,689,752 shares of the financial services provider’s stock, valued at approximately $317,690,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Blair William & Co. IL increased its position in shares of M&T Bank by 3.7% during the 4th quarter. Blair William & Co. IL now owns 7,491 shares of the financial services provider’s stock valued at $1,408,000 after purchasing an additional 269 shares during the last quarter. Rockbridge Investment Management LCC bought a new position in M&T Bank during the fourth quarter valued at about $215,000. Loomis Sayles & Co. L P purchased a new stake in M&T Bank during the fourth quarter worth about $52,000. Howe & Rusling Inc. raised its position in M&T Bank by 14.6% in the fourth quarter. Howe & Rusling Inc. now owns 3,195 shares of the financial services provider’s stock worth $601,000 after acquiring an additional 407 shares during the period. Finally, NEOS Investment Management LLC raised its position in M&T Bank by 25.6% in the fourth quarter. NEOS Investment Management LLC now owns 6,075 shares of the financial services provider’s stock worth $1,142,000 after acquiring an additional 1,238 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTB has been the subject of several research analyst reports. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company dropped their price target on M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research report on Friday. Evercore ISI lowered their price objective 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. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 price objective (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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $218.79.

M&T Bank Stock Down 2.5 %

Shares of NYSE:MTB opened at $175.21 on Friday. The stock’s 50-day moving average is $189.44 and its 200 day moving average is $192.62. The company has a market cap of $28.78 billion, a PE ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. 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 announced its quarterly 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 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. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

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 paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

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

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by company insiders.

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.