Clarendon Private LLC Purchases New Shares in M&T Bank Co. (NYSE:MTB)

Clarendon Private LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,119 shares of the financial services provider’s stock, valued at approximately $210,000.

A number of other hedge funds have also bought and sold shares of the company. Flagship Harbor Advisors LLC boosted its stake in shares of M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 1,295 shares during the period. Geneos Wealth Management Inc. bought a new stake in M&T Bank in the fourth quarter worth about $259,000. Sound Income Strategies LLC boosted its position in shares of M&T Bank by 8.9% during the fourth quarter. Sound Income Strategies LLC now owns 107,900 shares of the financial services provider’s stock valued at $20,286,000 after buying an additional 8,853 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of M&T Bank by 9.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 84,473 shares of the financial services provider’s stock valued at $15,882,000 after buying an additional 7,035 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of M&T Bank by 5.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 70,741 shares of the financial services provider’s stock valued at $13,300,000 after buying an additional 3,404 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the subject of a number of recent analyst reports. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. The Goldman Sachs Group boosted their target price 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. Bank of America lifted their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. DA Davidson upped their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Truist Financial reaffirmed a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $221.68.

Insider Buying and Selling at M&T Bank

In other news, 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 value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,994 shares of company stock valued at $13,331,878. 0.82% of the stock is owned by company insiders.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $198.81 on Friday. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70. The company has a 50-day simple moving average of $200.79 and a two-hundred day simple moving average of $185.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The company has a market capitalization of $32.99 billion, a PE ratio of 13.59, a P/E/G ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 quarter in the prior year, the company earned $2.74 earnings per share. Research analysts expect that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

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 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.