Smead Capital Management Inc. Takes Position in M&T Bank Co. (NYSE:MTB)

Smead Capital Management Inc. purchased a new position in M&T Bank Co. (NYSE:MTB) in the 4th quarter, HoldingsChannel reports. The firm purchased 433,456 shares of the financial services provider’s stock, valued at approximately $59,418,000. M&T Bank comprises approximately 1.1% of Smead Capital Management Inc.’s portfolio, making the stock its 26th largest holding.

Other large investors also recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its holdings in shares of M&T Bank by 7.8% in the fourth quarter. Penserra Capital Management LLC now owns 930 shares of the financial services provider’s stock worth $134,000 after buying an additional 67 shares during the period. Carnegie Capital Asset Management LLC raised its stake in M&T Bank by 2.6% in the third quarter. Carnegie Capital Asset Management LLC now owns 3,119 shares of the financial services provider’s stock worth $394,000 after buying an additional 80 shares in the last quarter. Burns J W & Co. Inc. NY lifted its holdings in M&T Bank by 1.3% during the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock worth $827,000 after buying an additional 80 shares during the period. Robinson Value Management Ltd. boosted its position in M&T Bank by 0.3% during the 3rd quarter. Robinson Value Management Ltd. now owns 33,542 shares of the financial services provider’s stock valued at $4,241,000 after acquiring an additional 85 shares in the last quarter. Finally, Kinneret Advisory LLC increased its holdings in shares of M&T Bank by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 3,836 shares of the financial services provider’s stock valued at $650,000 after acquiring an additional 86 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

M&T Bank stock traded down $0.06 during trading hours on Thursday, hitting $138.98. 301,066 shares of the stock traded hands, compared to its average volume of 1,204,010. The firm’s 50 day moving average price is $139.61 and its 200-day moving average price is $132.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. The stock has a market capitalization of $23.16 billion, a price-to-earnings ratio of 9.40, a P/E/G ratio of 1.26 and a beta of 0.80. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $148.23.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the company earned $4.09 EPS. As a group, equities analysts expect that M&T Bank Co. will post 13.93 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a $1.30 dividend. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.74%. M&T Bank’s payout ratio is currently 35.16%.

Insider Buying and Selling

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Doris P. Meister sold 3,961 shares of M&T Bank stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $143.60, for a total transaction of $568,799.60. Following the completion of the transaction, the executive vice president now directly owns 5,000 shares in the company, valued at $718,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the sale, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The disclosure for this sale can be found here. Insiders sold a total of 35,481 shares of company stock valued at $5,114,624 over the last 90 days. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Bank of America raised their price target on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of M&T Bank in a research report on Tuesday. Piper Sandler decreased their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 19th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $170.00 price target on shares of M&T Bank in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $157.98.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.