Kentucky Trust Co Buys New Holdings in M&T Bank Co. (NYSE:MTB)

Kentucky Trust Co bought a new stake in M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 490 shares of the financial services provider’s stock, valued at approximately $92,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. CWM LLC increased its position in M&T Bank by 9.1% in the 3rd quarter. CWM LLC now owns 6,107 shares of the financial services provider’s stock valued at $1,088,000 after buying an additional 511 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in M&T Bank by 384.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,008 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 800 shares during the last quarter. Ritholtz Wealth Management boosted its stake in M&T Bank by 117.7% during the 3rd quarter. Ritholtz Wealth Management now owns 3,697 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 1,999 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in M&T Bank during the 3rd quarter valued at about $71,000. Finally, Procyon Advisors LLC boosted its stake in M&T Bank by 1.7% during the 3rd quarter. Procyon Advisors LLC now owns 4,544 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 74 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on MTB shares. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research note on Monday, November 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Piper Sandler lifted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Bank of America lifted their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $221.68.

Insider Activity

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction that occurred on 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 directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the transaction, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,611 shares of company stock worth $5,354,777. 0.82% of the stock is currently owned by insiders.

M&T Bank Trading Down 0.8 %

Shares of MTB stock opened at $197.61 on Thursday. The company’s fifty day simple moving average is $196.43 and its two-hundred day simple moving average is $188.49. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. M&T Bank Co. has a 1 year low of $130.84 and a 1 year high of $225.70. The stock has a market capitalization of $32.79 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 1.42 and a beta of 0.79.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the firm earned $2.74 EPS. As a group, analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. 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 2.73%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its board has authorized a share buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is 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.