Tobam Purchases Shares of 2,814 M&T Bank Corporation $MTB

Tobam purchased a new stake in M&T Bank Corporation (NYSE:MTB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,814 shares of the financial services provider’s stock, valued at approximately $567,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Triumph Capital Management bought a new position in M&T Bank in the 3rd quarter worth $32,000. Elyxium Wealth LLC bought a new position in shares of M&T Bank in the fourth quarter worth about $33,000. Ameriflex Group Inc. lifted its position in shares of M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 84 shares during the last quarter. Bank of Jackson Hole Trust lifted its position in shares of M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the last quarter. Finally, Hoese & Co LLP bought a new stake in M&T Bank during the 4th quarter valued at approximately $50,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

NYSE:MTB opened at $225.38 on Friday. 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 company has a 50-day moving average of $217.24 and a 200-day moving average of $213.64. M&T Bank Corporation has a 52 week low of $174.76 and a 52 week high of $239.00. The company has a market capitalization of $33.01 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.10 and a beta of 0.57.

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 analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the previous year, the firm posted $3.32 earnings per share. As a group, equities research analysts anticipate that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio is presently 33.59%.

Insider Activity

In related news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. Jefferies Financial Group raised their target price on M&T Bank from $255.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Cantor Fitzgerald reduced their price objective on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, April 17th. Morgan Stanley lowered their price objective on shares of M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Piper Sandler boosted their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $225.00 target price on shares of M&T Bank in a research note on Thursday, May 21st. 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $235.32.

M&T Bank 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.