Fisher Asset Management LLC Raises Stock Holdings in M&T Bank Corporation $MTB

Fisher Asset Management LLC raised its position in M&T Bank Corporation (NYSE:MTB) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,194 shares of the financial services provider’s stock after buying an additional 2,979 shares during the quarter. Fisher Asset Management LLC’s holdings in M&T Bank were worth $7,897,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canoe Financial LP raised its stake in shares of M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new stake in shares of M&T Bank during the fourth quarter worth approximately $42,817,000. Danske Bank A S purchased a new stake in shares of M&T Bank during the third quarter worth approximately $29,612,000. Russell Investments Group Ltd. raised its stake in shares of M&T Bank by 94.9% during the third quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after purchasing an additional 142,593 shares during the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich raised its stake in shares of M&T Bank by 37.1% during the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after purchasing an additional 95,025 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 0.1%

M&T Bank stock opened at $214.95 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $31.48 billion, a price-to-earnings ratio of 12.04, a price-to-earnings-growth ratio of 1.09 and a beta of 0.59. M&T Bank Corporation has a fifty-two week low of $174.76 and a fifty-two week high of $239.00. The stock’s fifty day moving average is $211.39 and its two-hundred day moving average is $209.58.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the prior year, the company earned $3.32 earnings per share. Analysts predict that M&T Bank Corporation will post 18.69 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a stock buyback plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.8%. M&T Bank’s dividend payout ratio is 33.59%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.44% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MTB shares. Piper Sandler upped their price target on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. DA Davidson upped their price target on M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Argus upped their price target on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Jefferies Financial Group upped their price target on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Cantor Fitzgerald cut their price target on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $235.32.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.