Roxbury Financial LLC Takes Position in M&T Bank Co. (NYSE:MTB)

Roxbury Financial LLC bought a new position in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, HoldingsChannel reports. The firm bought 596 shares of the financial services provider’s stock, valued at approximately $112,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTB. FMR LLC grew its stake in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp raised its holdings in shares of 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 worth $1,562,725,000 after buying an additional 527,854 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of M&T Bank during the third quarter worth $44,422,000. Charles Schwab Investment Management Inc. grew its holdings in shares of M&T Bank by 3.9% during 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 last quarter. Finally, Sapient Capital LLC boosted its position in M&T Bank by 9,754.9% in the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after buying an additional 182,417 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In other M&T Bank news, 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 transaction of $537,566.10. Following the transaction, the insider now owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares of the company’s stock, valued at $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 over the last quarter. Insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE MTB opened at $198.75 on Friday. The stock has a 50 day moving average of $195.84 and a two-hundred day moving average of $188.61. The stock has a market cap of $32.98 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.42 and a beta of 0.79. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

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

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is currently 36.91%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Barclays boosted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Royal Bank of Canada increased their price target on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Piper Sandler upped their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $221.68.

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.