Mystic Asset Management Inc. Invests $472,000 in M&T Bank Co. (NYSE:MTB)

Mystic Asset Management Inc. acquired a new position in M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,511 shares of the financial services provider’s stock, valued at approximately $472,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Y.D. More Investments Ltd lifted its stake in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC acquired a new position in M&T Bank in the fourth quarter valued at approximately $44,000. Sierra Ocean LLC acquired a new position in M&T Bank in the fourth quarter valued at approximately $44,000. Principal Securities Inc. lifted its stake in M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after buying an additional 132 shares during the period. Finally, Kentucky Trust Co acquired a new position in M&T Bank in the fourth quarter valued at approximately $92,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MTB shares. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. Compass Point boosted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. DA Davidson boosted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $222.03.

M&T Bank Stock Down 0.3 %

Shares of NYSE:MTB opened at $174.82 on Wednesday. The company has a market capitalization of $28.72 billion, a PE ratio of 11.95, 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 current ratio of 0.98 and a quick ratio of 0.99. The business has a fifty day moving average price of $191.75 and a two-hundred day moving average price of $192.21. 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 data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) 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 period in the prior year, the firm posted $2.74 earnings per share. Analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given 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 3.09%. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank declared that its Board of Directors has approved a share repurchase plan 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 reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’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 transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

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.