Congress Wealth Management LLC DE Invests $334,000 in M&T Bank Co. (NYSE:MTB)

Congress Wealth Management LLC DE purchased a new stake in M&T Bank Co. (NYSE:MTB) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 1,776 shares of the financial services provider’s stock, valued at approximately $334,000.

Other large investors have also added to or reduced their stakes in the company. Stevens Capital Management LP bought a new stake in shares of M&T Bank during the 4th quarter valued at $986,000. LPL Financial LLC increased its holdings in M&T Bank by 3.8% in the 4th quarter. LPL Financial LLC now owns 114,066 shares of the financial services provider’s stock valued at $21,446,000 after buying an additional 4,163 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of M&T Bank in the 4th quarter valued at approximately $777,000. KLP Kapitalforvaltning AS bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $10,473,000. Finally, Umpqua Bank boosted its position in shares of M&T Bank by 11.1% during the 4th quarter. Umpqua Bank now owns 1,678 shares of the financial services provider’s stock worth $327,000 after acquiring an additional 168 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by company insiders.

M&T Bank Stock Down 2.5 %

Shares of MTB opened at $175.21 on Friday. The company has a market capitalization of $28.78 billion, a PE ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. The stock’s 50-day moving average price is $189.44 and its two-hundred day moving average price is $192.62. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 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 period in the previous year, the firm earned $2.74 EPS. On average, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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 paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

Wall Street Analyst Weigh In

MTB has been the subject of several research analyst reports. Barclays boosted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Evercore ISI decreased their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Citigroup dropped their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $218.79.

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.