M&T Bank Corporation $MTB Shares Purchased by Allstate Corp

Allstate Corp grew its stake in shares of M&T Bank Corporation (NYSE:MTB) by 99.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 11,242 shares of the financial services provider’s stock after purchasing an additional 5,604 shares during the quarter. Allstate Corp’s holdings in M&T Bank were worth $2,265,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MTB. Triumph Capital Management acquired a new position in shares of M&T Bank in the 3rd quarter valued at $32,000. Elyxium Wealth LLC acquired a new position in M&T Bank in the 4th quarter worth approximately $33,000. Ameriflex Group Inc. increased its holdings in M&T Bank by 82.4% in the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock worth $37,000 after buying an additional 84 shares during the period. Westside Investment Management Inc. increased its holdings in M&T Bank by 61.8% in the 3rd quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider’s stock worth $39,000 after buying an additional 76 shares during the period. Finally, Hoese & Co LLP acquired a new position in M&T Bank in the 4th quarter worth approximately $50,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.44% of the company’s stock.

M&T Bank Trading Down 0.4%

Shares of MTB opened at $214.28 on Friday. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $239.00. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average is $211.67 and its two-hundred day moving average is $209.78. The stock has a market cap of $31.38 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.09 and a beta of 0.59.

M&T Bank (NYSE:MTB) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.16. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same quarter in the previous year, the company posted $3.32 EPS. Research analysts forecast that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.

M&T Bank declared that its board has approved a share repurchase plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows 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 board believes its stock is undervalued.

M&T Bank Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $225.00 price target on shares of M&T Bank in a research report on Thursday, May 21st. JPMorgan Chase & Co. cut their price target on M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Argus increased their price target on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Cantor Fitzgerald dropped their price objective on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research note on Friday, April 17th. Finally, UBS Group set a $235.00 price objective on shares of M&T Bank in a research note on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average 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.