Charles Schwab Investment Management Inc. Boosts Stake in M&T Bank Co. (NYSE:MTB)

Charles Schwab Investment Management Inc. boosted its stake in shares of M&T Bank Co. (NYSE:MTB) by 5.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,289,727 shares of the financial services provider’s stock after buying an additional 252,583 shares during the period. Charles Schwab Investment Management Inc. owned 3.19% of M&T Bank worth $994,522,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MTB. US Bancorp DE lifted its holdings in M&T Bank by 3.0% during the third quarter. US Bancorp DE now owns 6,743 shares of the financial services provider’s stock worth $1,201,000 after buying an additional 195 shares during the period. Farther Finance Advisors LLC lifted its holdings in M&T Bank by 23.7% during the third quarter. Farther Finance Advisors LLC now owns 2,653 shares of the financial services provider’s stock worth $473,000 after buying an additional 509 shares during the period. Janney Montgomery Scott LLC lifted its holdings in M&T Bank by 0.5% during the third quarter. Janney Montgomery Scott LLC now owns 77,438 shares of the financial services provider’s stock worth $13,793,000 after buying an additional 359 shares during the period. TrueWealth Advisors LLC purchased a new stake in M&T Bank during the third quarter worth $210,000. Finally, National Pension Service lifted its holdings in M&T Bank by 5.2% during the third quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock worth $47,761,000 after buying an additional 13,302 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $188.50 on Tuesday. The stock has a 50-day simple moving average of $195.01 and a two-hundred day simple moving average of $191.53. The firm has a market capitalization of $30.98 billion, a P/E ratio of 12.88, a PEG ratio of 1.38 and a beta of 0.79. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. 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 (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 quarter last year, the company posted $2.74 earnings per share. On average, equities analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has authorized a stock buyback 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently disclosed 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 of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.86%. M&T Bank’s payout ratio is currently 36.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Piper Sandler increased 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. Wells Fargo & Company increased their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Finally, The Goldman Sachs Group increased their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One investment 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 MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $221.68.

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.