Pitcairn Co. Has $1.84 Million Holdings in M&T Bank Co. (NYSE:MTB)

Pitcairn Co. grew its holdings in M&T Bank Co. (NYSE:MTB) by 4.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,760 shares of the financial services provider’s stock after acquiring an additional 398 shares during the quarter. Pitcairn Co.’s holdings in M&T Bank were worth $1,835,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of MTB. State Street Corp grew its position in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock valued at $819,768,000 after buying an additional 40,948 shares during the period. Norges Bank bought a new stake in shares of M&T Bank during the fourth quarter worth $317,690,000. Finally, Amundi raised its holdings in shares of M&T Bank by 43.5% during the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock worth $154,315,000 after acquiring an additional 244,709 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of research reports. DA Davidson increased their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Evercore ISI decreased their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company cut their target price on M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research note on Friday, March 28th. Compass Point lifted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, Barclays boosted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average price target of $216.62.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is owned by corporate insiders.

M&T Bank Trading Down 9.1 %

Shares of MTB opened at $163.38 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The firm has a market cap of $26.84 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 1.38 and a beta of 0.58. The business’s fifty day moving average is $187.65 and its 200-day moving average is $192.65.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 last year, the firm earned $2.74 EPS. Equities analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its board has authorized a stock 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.