On August 20, 2023, it was reported that Mitsubishi UFJ Trust and Banking Corp had reduced its stake in M&T Bank Co. (NYSE:MTB) by 2.1% during the first quarter. According to the Form 13F filing with the SEC, the institutional investor owned 103,655 shares of M&T Bank’s stock after selling 2,209 shares during the period. At the end of the reporting period, Mitsubishi UFJ Trust and Banking Corp held approximately 0.06% of M&T Bank’s total worth, amounting to $12,394,000.
In light of this news, several brokerages have issued reports on MTB. Wedbush, for instance, raised their price objective on M&T Bank shares from $149.00 to $156.00 and provided an “outperform” rating in a research report released on July 20th. Conversely, Citigroup reduced their price target on MTB from $150.00 to $145.00 in a research report published on June 26th.
Additionally, DA Davidson decreased their price objective from $138.00 to $132.00 in a research note dated June 14th while Barclays lowered their target price on M&T Bank from $153.00 to $150.00 in a report issued on June 27th. On the other hand, JPMorgan Chase & Co., in their research report released on June 29th, raised their target price for MTB shares from $133.00 to $147.00.
Presently, eight analysts recommend holding M&T Bank stock while nine have suggested buying shares in the company. According to Bloomberg data, M&T Bank maintains a consensus rating of “Moderate Buy” with an average target price of $158.91.
On Friday’s stock market opening (August 20), M&T Bank Co.’s stock was valued at $127.68. Over the past year, the stock has ranged from a low of $109.36 to a high of $192.56. The firm currently has a debt-to-equity ratio of 0.31, indicating its relatively conservative financial position compared to peers. Moreover, M&T Bank boasts a market capitalization of $21.19 billion and an attractive price-to-earnings ratio of 7.56, suggesting it may be undervalued.
Trading information reveals that the company has a beta value of 0.8, indicating lower volatility compared to the overall market trend. Additionally, M&T Bank’s fifty-day moving average price is $130.60, whereas its 200-day moving average price is recorded at $130.77.
Overall, despite Mitsubishi UFJ Trust & Banking Corp reducing its stake in M&T Bank Co., various brokerage reports suggest positive outlooks for the company’s stock performance in terms of both price target increase and favorable buy ratings from analysts.
Please note: The above article reflects accurate information as of August 20, 2023
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Institutional Investors and Hedge Funds Make Changes to Positions in M&T Bank: Latest Filings and Updates
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”MTB” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]M&T Bank (NYSE: MTB) has seen changes in its positions by various institutional investors and hedge funds, as reported in a recent filing with the Securities and Exchange Commission (SEC). One such change involves Clear Street Markets LLC, which acquired a new position in M&T Bank during the fourth quarter of 2022. This new position is estimated to be worth around $25,000.
Another significant change comes from Janiczek Wealth Management LLC, which boosted its holdings in shares of M&T Bank by an impressive 358.2% during the first quarter of this year. As a result, Janiczek Wealth Management now owns approximately 252 shares of the financial services provider’s stock valued at $29,000.
Furthermore, Annapolis Financial Services LLC witnessed growth in its position regarding M&T Bank by 42.7% during the first quarter of 2023. They now own around 311 shares of the bank’s stock valued at $37,000 after acquiring an additional 93 shares.
CVA Family Office LLC also increased its holdings in M&T Bank by a substantial amount—191.3%—during the first quarter of this year. Now owning about 335 shares valued at $40,000 after acquiring an additional 220 shares.
Finally, Stone House Investment Management LLC made a new stake purchase in M&T Bank during the same period and is estimated to be worth $45,000.
Hedge funds and other institutional investors currently own approximately 82.62% of M&T Bank’s stock, according to recent data compiled by Bloomberg.
In separate news surrounding the bank’s executives’ transactions with stock holdings, EVP Doris P. Meister recently sold 1,334 shares on July 27th for a total value exceeding $187 thousand. Meanwhile, CFO Daryl N.Bible purchased10 thousand shares on June 1st with a total value surpassing$1 million, according to a filing with the SEC.
Insiders reportedly sold approximately 55,876 shares of company stock in the last three months, reaching a value of $7.8 million. Currently, insiders own 0.97% of M&T Bank’s stock.
Several brokerage firms have also issued their ratings and forecasts for M&T Bank. Wedbush has given the bank an “outperform” rating and raised its price objective from $149 to $156 per share. Citigroup, on the other hand, decreased its price target for M&T Bank from $150 to $145 per share. Eight analysts rate the stock as a hold, while nine analysts consider it a buy. Overall, the consensus from Bloomberg is that M&T Bank has a “Moderate Buy” rating with an average target price of around $158.91 per share.
In its latest earnings announcement on July 19th, M&T Bank revealed that it had surpassed analysts’ expectations with earnings per share (EPS) of $5.05 for the quarter—beating estimates of $4.16 by $0.89 per share. The bank reported revenue of approximately $3.32 billion compared to analysts’ estimates of $2.39 billion for the same period.
M&T Bank also recently announced a quarterly dividend payment scheduled for September 29th, with shareholders entitled to a $1.30 dividend if they were recorded on September 1st—the ex-dividend date being August 31st.
With a payout ratio at 30.81%, based on recent data, M&T Bank appears to be performing well financially and attracting attention from institutional investors as well as hedge funds who have made changes to their positions in the company over recent months.
