433,456 Shares in M&T Bank Co. (NYSE:MTB) Purchased by Smead Capital Management Inc.

Smead Capital Management Inc. acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 433,456 shares of the financial services provider’s stock, valued at approximately $59,418,000. M&T Bank comprises approximately 1.1% of Smead Capital Management Inc.’s holdings, making the stock its 26th largest holding. Smead Capital Management Inc. owned about 0.26% of M&T Bank as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MTB. Clear Street Markets LLC purchased a new position in M&T Bank in the fourth quarter valued at approximately $25,000. RVW Wealth LLC bought a new stake in shares of M&T Bank in the third quarter valued at $27,000. Quarry LP bought a new position in shares of M&T Bank during the 1st quarter worth $27,000. Sunbelt Securities Inc. purchased a new stake in M&T Bank in the 1st quarter worth about $27,000. Finally, Headinvest LLC bought a new stake in M&T Bank in the 3rd quarter valued at about $29,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.0 %

NYSE:MTB traded down $0.06 during mid-day trading on Thursday, reaching $138.98. 301,066 shares of the company’s stock traded hands, compared to its average volume of 1,204,010. The company has a 50 day moving average price of $139.61 and a 200-day moving average price of $132.77. The firm has a market capitalization of $23.16 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 1.26 and a beta of 0.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $148.23.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the prior year, the business posted $4.09 earnings per share. On average, sell-side analysts predict that M&T Bank Co. will post 13.93 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is currently 35.16%.

Analyst Ratings Changes

A number of brokerages have weighed in on MTB. Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research report on Tuesday. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Evercore ISI boosted their target price on shares of M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Piper Sandler cut their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. Finally, DA Davidson reiterated a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $157.98.

Insiders Place Their Bets

In other news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now owns 7,274 shares of the company’s stock, valued at approximately $962,350.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,481 shares of company stock worth $5,114,624. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.