Allspring Global Investments Holdings LLC Increases Stock Position in M&T Bank Co. (NYSE:MTB)

Allspring Global Investments Holdings LLC lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,435 shares of the financial services provider’s stock after buying an additional 905 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in M&T Bank were worth $1,293,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Invesco Ltd. increased its holdings in M&T Bank by 15.5% during the 3rd quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock worth $612,138,000 after acquiring an additional 650,796 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in M&T Bank by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,595,687 shares of the financial services provider’s stock worth $454,675,000 after acquiring an additional 41,790 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in M&T Bank by 29.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock worth $218,308,000 after acquiring an additional 393,116 shares during the period. Northern Trust Corp increased its holdings in M&T Bank by 3.7% during the 3rd quarter. Northern Trust Corp now owns 1,671,837 shares of the financial services provider’s stock worth $211,404,000 after acquiring an additional 59,690 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in M&T Bank by 20.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,613,660 shares of the financial services provider’s stock worth $204,047,000 after acquiring an additional 270,819 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,119 shares of company stock valued at $5,341,012. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley upped their target price on shares of M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. DA Davidson reaffirmed a “neutral” rating and set a $159.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. Piper Sandler decreased their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. JPMorgan Chase & Co. increased their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Bank of America increased their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $158.48.

M&T Bank Price Performance

MTB stock opened at $146.83 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $148.23. The firm’s fifty day moving average is $140.42 and its 200 day moving average is $133.43. The firm has a market cap of $24.46 billion, a P/E ratio of 9.93, a P/E/G ratio of 1.19 and a beta of 0.80.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the business posted $4.09 EPS. Research analysts predict that M&T Bank Co. will post 13.98 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $5.20 annualized dividend and a dividend yield of 3.54%. M&T Bank’s dividend payout ratio is 35.16%.

About M&T Bank

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.