M&T Bank Corporation $MTB Stock Position Raised by RNC Capital Management LLC

RNC Capital Management LLC lifted its position in M&T Bank Corporation (NYSE:MTB) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 365,052 shares of the financial services provider’s stock after buying an additional 3,618 shares during the quarter. M&T Bank makes up 3.3% of RNC Capital Management LLC’s investment portfolio, making the stock its 4th largest holding. RNC Capital Management LLC owned approximately 0.24% of M&T Bank worth $73,551,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Canoe Financial LP raised its holdings in shares of M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after buying an additional 219,065 shares during the period. Munich Reinsurance Co Stock Corp in Munich raised its holdings in shares of M&T Bank by 37.1% in the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock valued at $71,462,000 after buying an additional 95,025 shares during the period. LSV Asset Management grew its stake in M&T Bank by 19.9% during the 3rd quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock worth $67,665,000 after purchasing an additional 56,750 shares in the last quarter. Cooke & Bieler LP grew its stake in M&T Bank by 1.4% during the 3rd quarter. Cooke & Bieler LP now owns 323,410 shares of the financial services provider’s stock worth $63,912,000 after purchasing an additional 4,480 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in M&T Bank by 94.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after purchasing an additional 142,593 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on MTB. JPMorgan Chase & Co. lowered their target price on M&T Bank from $231.50 to $227.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Argus boosted their target price on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Jefferies Financial Group boosted their target price on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Robert W. Baird boosted their target price on M&T Bank from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Finally, Wells Fargo & Company boosted their target price on M&T Bank from $185.00 to $205.00 and gave the stock an “underweight” rating in a research note on Monday, January 5th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $235.32.

M&T Bank Trading Down 1.1%

NYSE:MTB opened at $214.02 on Tuesday. The stock has a 50-day simple moving average of $212.35 and a 200-day simple moving average of $206.16. The stock has a market cap of $31.89 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.10 and a beta of 0.59. M&T Bank Corporation has a 1 year low of $172.33 and a 1 year high of $239.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.88.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period in the prior year, the firm posted $3.32 EPS. As a group, analysts anticipate that M&T Bank Corporation will post 18.64 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank’s dividend payout ratio is currently 33.59%.

M&T Bank announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP Michael A. Wisler sold 8,237 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the completion of the transaction, the executive vice president directly owned 4,643 shares of the company’s stock, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John P. Barnes sold 21,193 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $235.85, for a total value of $4,998,369.05. Following the completion of the sale, the director directly owned 15,142 shares of the company’s stock, valued at approximately $3,571,240.70. This trade represents a 58.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.44% of the company’s stock.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.