Synergy Asset Management LLC Grows Position in M&T Bank Co. (NYSE:MTB)

Synergy Asset Management LLC grew its stake in shares of M&T Bank Co. (NYSE:MTB) by 11.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,221 shares of the financial services provider’s stock after purchasing an additional 1,083 shares during the period. Synergy Asset Management LLC’s holdings in M&T Bank were worth $1,832,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% during 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 buying an additional 2,018 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in M&T Bank in the third quarter valued at about $44,000. Principal Financial Group Inc. lifted its position in shares of M&T Bank by 1.4% during the 3rd 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. Smead Capital Management Inc. boosted its stake in shares of M&T Bank by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after acquiring an additional 16,657 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of M&T Bank by 6.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after acquiring an additional 2,883 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. This trade represents a 15.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $537,566.10. Following the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,487 shares of company stock valued at $8,182,809 over the last quarter. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTB. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Truist Financial restated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods increased their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

MTB stock opened at $200.51 on Thursday. The stock has a market capitalization of $33.27 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. The stock’s fifty day simple moving average is $200.23 and its 200-day simple moving average is $186.28. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

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

M&T Bank announced that its Board of Directors has authorized 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 repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

M&T Bank Company Profile

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.