10,854 Shares in M&T Bank Co. (NYSE:MTB) Acquired by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. acquired a new stake in M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,854 shares of the financial services provider’s stock, valued at approximately $2,035,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its position in shares of M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC increased its position in shares of M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 1,295 shares during the last quarter. US Bancorp DE raised its position in M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after acquiring an additional 1,639 shares during the period. Summit Trail Advisors LLC bought a new stake in shares of M&T Bank in the fourth quarter valued at $290,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of M&T Bank during the 4th quarter valued at approximately $297,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

M&T Bank stock opened at $160.09 on Monday. The firm has a market capitalization of $26.30 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70. The company has a fifty day simple moving average of $177.25 and a 200-day simple moving average of $191.36. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. 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 earned $3.09 earnings per share. On average, equities analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s payout ratio is currently 36.17%.

M&T Bank declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Robert W. Baird reduced their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Citigroup decreased their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Evercore ISI dropped their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average target price of $208.14.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

About M&T Bank

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.