Kestra Private Wealth Services LLC Has $461,000 Stock Position in M&T Bank Co. (NYSE:MTB)

Kestra Private Wealth Services LLC increased its stake in M&T Bank Co. (NYSE:MTB) by 73.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,454 shares of the financial services provider’s stock after acquiring an additional 1,039 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in M&T Bank were worth $461,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp increased its holdings in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in M&T Bank in the third quarter worth approximately $44,422,000. Charles Schwab Investment Management Inc. increased its holdings in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in M&T Bank by 30.8% in the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock worth $106,871,000 after purchasing an additional 141,337 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,611 shares of company stock valued at $5,354,777 in the last ninety days. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of MTB opened at $198.75 on Friday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a market capitalization of $32.98 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The firm has a 50-day simple moving average of $195.59 and a 200-day simple moving average of $188.80. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $2.74 earnings per share. On average, equities research analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its board has approved a share repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. M&T Bank’s dividend payout ratio is presently 36.91%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MTB. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Piper Sandler boosted their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Wells Fargo & Company boosted their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Barclays boosted their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Truist Financial reiterated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $221.68.

About M&T Bank

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.