Alerus Financial NA Invests $899,000 in M&T Bank Co. (NYSE:MTB)

Alerus Financial NA acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, Holdings Channel reports. The fund acquired 4,783 shares of the financial services provider’s stock, valued at approximately $899,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MTB. Cerity Partners LLC increased its position in shares of M&T Bank by 116.3% during the third quarter. Cerity Partners LLC now owns 31,591 shares of the financial services provider’s stock valued at $5,627,000 after acquiring an additional 16,983 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in shares of M&T Bank by 6.6% in the third quarter. Kingsview Wealth Management LLC now owns 1,785 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 110 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of M&T Bank by 12.0% during the third quarter. Daiwa Securities Group Inc. now owns 20,445 shares of the financial services provider’s stock valued at $3,642,000 after purchasing an additional 2,194 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of M&T Bank during the third quarter valued at $91,000. Finally, Avestar Capital LLC raised its position in M&T Bank by 5.8% in the 3rd quarter. Avestar Capital LLC now owns 1,414 shares of the financial services provider’s stock worth $252,000 after buying an additional 77 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. DA Davidson raised their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Truist Financial reiterated a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. JPMorgan Chase & Co. restated 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. Finally, Keefe, Bruyette & Woods upped their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $219.97.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $179.64 on Friday. The stock’s fifty day moving average is $189.87 and its two-hundred day moving average is $192.40. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $29.51 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 in the prior year, the business posted $2.74 EPS. As a group, analysts expect 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank declared that its board has authorized a share 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 buy up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, 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.