Bessemer Group Inc. Buys 4,493 Shares of M&T Bank Corporation $MTB

Bessemer Group Inc. raised its stake in shares of M&T Bank Corporation (NYSE:MTB) by 19.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,500 shares of the financial services provider’s stock after purchasing an additional 4,493 shares during the quarter. Bessemer Group Inc.’s holdings in M&T Bank were worth $5,685,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Bogart Wealth LLC boosted its stake in shares of M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 84 shares in the last quarter. Triumph Capital Management bought a new position in M&T Bank in the third quarter worth about $32,000. Elyxium Wealth LLC bought a new position in M&T Bank in the fourth quarter worth about $33,000. Bank of Jackson Hole Trust lifted its holdings in M&T Bank by 38.7% in the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after buying an additional 60 shares during the period. Finally, Hoese & Co LLP bought a new stake in M&T Bank during the 4th quarter valued at approximately $50,000. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MTB shares. Jefferies Financial Group reissued a “buy” rating and issued a $300.00 target price on shares of M&T Bank in a research report on Wednesday, July 15th. Barclays lifted their price target on M&T Bank from $236.00 to $267.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods increased their price objective on M&T Bank from $242.00 to $250.00 and gave the stock a “market perform” rating in a report on Thursday, July 16th. Argus raised their price objective on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $249.50.

M&T Bank Price Performance

MTB stock opened at $249.64 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.94 and a current ratio of 0.89. The firm has a 50 day moving average price of $226.81 and a 200-day moving average price of $219.38. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.00. The firm has a market capitalization of $36.56 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.19 and a beta of 0.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the business posted $4.28 EPS. Equities research analysts forecast that M&T Bank Corporation will post 19.2 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

About M&T Bank

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.