BRYN MAWR TRUST Co increased its position in shares of M&T Bank Co. (NYSE:MTB – Get Rating) by 27.2% during the fourth quarter, Holdings Channel reports. The fund owned 10,779 shares of the financial services provider’s stock after acquiring an additional 2,306 shares during the quarter. BRYN MAWR TRUST Co’s holdings in M&T Bank were worth $1,655,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC acquired a new stake in shares of M&T Bank during the fourth quarter valued at approximately $3,343,000. First Republic Investment Management Inc. raised its holdings in shares of M&T Bank by 27.0% during the third quarter. First Republic Investment Management Inc. now owns 15,612 shares of the financial services provider’s stock valued at $2,332,000 after acquiring an additional 3,323 shares during the period. Desjardins Global Asset Management Inc. acquired a new stake in shares of M&T Bank during the fourth quarter valued at approximately $1,831,000. Hartford Investment Management Co. raised its holdings in shares of M&T Bank by 8.0% during the fourth quarter. Hartford Investment Management Co. now owns 12,919 shares of the financial services provider’s stock valued at $1,984,000 after acquiring an additional 956 shares during the period. Finally, Calamos Advisors LLC increased its stake in M&T Bank by 4.0% in the 4th quarter. Calamos Advisors LLC now owns 60,140 shares of the financial services provider’s stock valued at $9,236,000 after buying an additional 2,328 shares during the period. Institutional investors and hedge funds own 87.61% of the company’s stock.
Several research analysts have weighed in on MTB shares. Morgan Stanley upgraded shares of M&T Bank from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $179.00 to $238.00 in a research note on Thursday, April 21st. Wells Fargo & Company upped their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Citigroup started coverage on shares of M&T Bank in a research note on Thursday, March 24th. They set a “buy” rating on the stock. StockNews.com started coverage on shares of M&T Bank in a research note on Thursday. They set a “sell” rating on the stock. Finally, The Goldman Sachs Group increased their price target on shares of M&T Bank from $183.00 to $210.00 and gave the stock a “neutral” rating in a research note on Monday, April 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average price target of $192.28.
M&T Bank (NYSE:MTB – Get Rating) last issued its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.24. M&T Bank had a net margin of 29.31% and a return on equity of 11.45%. During the same period in the prior year, the firm posted $3.41 earnings per share. On average, analysts predict that M&T Bank Co. will post 13.06 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Shareholders of record on Monday, February 28th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, February 25th. M&T Bank’s dividend payout ratio (DPR) is presently 36.67%.
M&T Bank declared that its board has approved a share repurchase program on Tuesday, February 22nd that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
M&T Bank Profile (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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