Greenleaf Trust Buys 92 Shares of M&T Bank Co. (NYSE:MTB)

Greenleaf Trust boosted its stake in M&T Bank Co. (NYSE:MTB) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,502 shares of the financial services provider’s stock after acquiring an additional 92 shares during the period. Greenleaf Trust’s holdings in M&T Bank were worth $470,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. FMR LLC boosted its holdings in M&T Bank by 13.9% in the third 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 during the last quarter. State Street Corp lifted its holdings in M&T Bank by 6.4% in 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 buying an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares during the period. Geode Capital Management LLC lifted its holdings in M&T Bank by 1.6% in the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after buying an additional 66,337 shares during the period. Finally, Senvest Management LLC lifted its holdings in M&T Bank by 12.3% in the third quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after buying an additional 96,500 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MTB. Keefe, Bruyette & Woods boosted their price target on 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. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Truist Financial reiterated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Up 1.0 %

Shares of NYSE:MTB opened at $197.86 on Wednesday. The stock has a market cap of $32.83 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.41 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12-month low of $128.31 and a 12-month high of $225.70. The business’s 50 day moving average is $198.76 and its 200 day moving average is $187.31.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (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 in the previous year, the business earned $2.74 EPS. On average, sell-side analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is currently 36.91%.

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

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,397 shares of company stock valued at $6,379,459 over the last ninety days. Corporate insiders own 0.82% of the company’s stock.

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.