Van ECK Associates Corp Raises Stock Holdings in M&T Bank Co. (NYSE:MTB)

Van ECK Associates Corp raised its stake in M&T Bank Co. (NYSE:MTB) by 1,262.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,175 shares of the financial services provider’s stock after purchasing an additional 20,548 shares during the period. Van ECK Associates Corp’s holdings in M&T Bank were worth $4,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in MTB. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in M&T Bank during the third quarter valued at $44,000. Flagship Harbor Advisors LLC boosted its stake in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after buying an additional 1,295 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after acquiring an additional 2,797 shares during the period. Finally, Summit Trail Advisors LLC acquired a new stake in M&T Bank during the fourth quarter valued at $290,000. 84.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Evercore ISI boosted their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler increased their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Wells Fargo & Company boosted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $221.68.

M&T Bank Trading Down 0.6 %

MTB opened at $199.37 on Thursday. The business’s 50-day simple moving average is $195.25 and its 200-day simple moving average is $189.58. The company has a market cap of $33.08 billion, a P/E ratio of 13.63, a PEG ratio of 1.39 and a beta of 0.79. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. 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 released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm earned $2.74 earnings per share. As a group, equities research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.71%. M&T Bank’s payout ratio is currently 36.91%.

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.