Empowered Funds LLC Raises Stock Holdings in M&T Bank Co. (NYSE:MTB)

Empowered Funds LLC boosted its holdings in M&T Bank Co. (NYSE:MTB) by 9.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,034 shares of the financial services provider’s stock after purchasing an additional 267 shares during the period. Empowered Funds LLC’s holdings in M&T Bank were worth $570,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Hedeker Wealth LLC grew its position in M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after buying an additional 55 shares during the period. Catalina Capital Group LLC boosted its stake in M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 56 shares during the last quarter. Frank Rimerman Advisors LLC grew its position in shares of M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 57 shares during the period. Crestwood Advisors Group LLC grew its position in shares of M&T Bank by 1.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after acquiring an additional 57 shares during the period. Finally, Meitav Investment House Ltd. raised its holdings in shares of M&T Bank by 3.1% in the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 69 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the transaction, the director now owns 35,480 shares in the company, valued at $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,611 shares of company stock worth $5,354,777. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MTB. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler lifted their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Finally, Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Performance

NYSE:MTB opened at $200.51 on Wednesday. The stock has a market cap of $33.27 billion, a P/E ratio of 13.71, a PEG ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The business’s 50-day moving average price is $195.43 and its two-hundred day moving average price is $189.25. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 prior year, the company earned $2.74 EPS. As a group, equities analysts predict that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank announced that its board has initiated a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.