Bessemer Group Inc. Purchases 4,493 Shares of M&T Bank Corporation $MTB

Bessemer Group Inc. increased its position in M&T Bank Corporation (NYSE:MTB) by 19.5% in the first quarter, Holdings Channel.com reports. The fund owned 27,500 shares of the financial services provider’s stock after purchasing an additional 4,493 shares during the period. Bessemer Group Inc.’s holdings in M&T Bank were worth $5,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. Empowered Funds LLC increased its holdings in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock worth $607,000 after buying an additional 362 shares in the last quarter. Woodline Partners LP lifted its stake in M&T Bank by 40.7% during the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock valued at $2,506,000 after acquiring an additional 4,054 shares during the period. Lazard Asset Management LLC lifted its stake in M&T Bank by 24.6% during the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $562,000 after acquiring an additional 572 shares during the period. MUFG Securities EMEA plc purchased a new stake in shares of M&T Bank during the 2nd quarter valued at about $92,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of M&T Bank by 4.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 71 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was 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.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $249.64 on Tuesday. M&T Bank Corporation has a 12-month low of $174.76 and a 12-month high of $255.00. The firm has a market capitalization of $36.56 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.19 and a beta of 0.57. The company has a current ratio of 0.89, a quick ratio of 0.94 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average of $226.81 and a 200 day moving average of $219.38.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period last year, the firm earned $4.28 earnings per share. On average, research analysts anticipate that M&T Bank Corporation will post 19.2 earnings per share for the current year.

M&T Bank declared that its board has approved a stock repurchase program 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 buy up to 16.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday. UBS Group raised their target price on shares of M&T Bank from $225.00 to $252.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. raised their target price on shares of M&T Bank from $227.00 to $251.50 and gave the stock a “neutral” rating in a report on Monday, July 6th. Robert W. Baird boosted their target price on shares of M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Morgan Stanley increased their price target on M&T Bank from $245.00 to $253.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $249.50.

M&T Bank Company Profile

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.