Ibex Wealth Advisors Purchases Shares of 3,111 M&T Bank Co. (NYSE:MTB)

Ibex Wealth Advisors acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,111 shares of the financial services provider’s stock, valued at approximately $585,000.

Several other institutional investors have also recently modified their holdings of MTB. Forsta AP Fonden increased its position in M&T Bank by 0.8% during the fourth quarter. Forsta AP Fonden now owns 35,700 shares of the financial services provider’s stock worth $6,712,000 after buying an additional 300 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in M&T Bank by 25.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 14,213 shares of the financial services provider’s stock worth $2,672,000 after purchasing an additional 2,872 shares in the last quarter. Foundations Investment Advisors LLC raised its stake in M&T Bank by 8.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 2,350 shares of the financial services provider’s stock valued at $442,000 after purchasing an additional 183 shares during the last quarter. Pacer Advisors Inc. raised its stake in M&T Bank by 52.2% in the 4th quarter. Pacer Advisors Inc. now owns 18,873 shares of the financial services provider’s stock valued at $3,548,000 after purchasing an additional 6,475 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in M&T Bank by 12.6% in the 4th quarter. Blue Trust Inc. now owns 2,805 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 314 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. Truist Financial reiterated a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Bank of America raised their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Piper Sandler upped their target price 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. Finally, StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $221.68.

M&T Bank Price Performance

M&T Bank stock opened at $200.51 on Thursday. The firm has a fifty day moving average of $200.23 and a 200-day moving average of $186.28. M&T Bank Co. has a 52-week low of $128.31 and a 52-week 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 firm has a market capitalization of $33.27 billion, a P/E ratio of 13.71, a PEG ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company posted $2.74 earnings per share. As a group, analysts predict that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.69%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. The trade was a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,487 shares of company stock valued at $8,182,809. Corporate insiders own 0.82% 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.