Entropy Technologies LP Acquires Shares of 7,973 M&T Bank Co. (NYSE:MTB)

Entropy Technologies LP bought a new position in M&T Bank Co. (NYSE:MTB) during the 4th quarter, HoldingsChannel.com reports. The fund bought 7,973 shares of the financial services provider’s stock, valued at approximately $1,499,000.

Several other institutional investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its stake in 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 purchasing an additional 2,018 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of M&T Bank in the third quarter valued at $44,000. Flagship Harbor Advisors LLC boosted its position in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after buying an additional 1,295 shares during the period. Principal Financial Group Inc. boosted its position in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the period. Finally, Smead Capital Management Inc. grew its holdings in shares of M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after buying an additional 16,657 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,397 shares of company stock valued at $6,379,459. Insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Royal Bank of Canada raised their price target on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Bank of America upped their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. DA Davidson lifted their target price on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Piper Sandler upped their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. One 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 MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Down 0.7 %

Shares of M&T Bank stock opened at $200.59 on Monday. M&T Bank Co. has a 12-month low of $129.36 and a 12-month high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average price of $197.10 and a two-hundred day moving average price of $188.04. The stock has a market capitalization of $33.28 billion, a P/E ratio of 13.71, a PEG ratio of 1.42 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 earnings per share (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 posted $2.74 earnings per share. Equities analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank announced that its Board of Directors has approved a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.69%. M&T Bank’s payout ratio is presently 36.91%.

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.