Crossmark Global Holdings Inc. Has $1.42 Million Position in M&T Bank Co. (NYSE:MTB)

Posted by Defense World Staff on Apr 1st, 2023

Crossmark Global Holdings Inc. boosted its position in shares of M&T Bank Co. (NYSE:MTB – Get Rating) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,788 shares of the financial services provider’s stock after acquiring an additional 298 shares during the period. Crossmark Global Holdings Inc.’s holdings in M&T Bank were worth $1,420,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. SRS Capital Advisors Inc. lifted its holdings in M&T Bank by 712.5% in the second quarter. SRS Capital Advisors Inc. now owns 195 shares of the financial services provider’s stock valued at $31,000 after buying an additional 171 shares during the period. Ronald Blue Trust Inc. increased its position in M&T Bank by 148.9% during the third quarter. Ronald Blue Trust Inc. now owns 219 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 131 shares during the period. Private Trust Co. NA bought a new position in M&T Bank during the second quarter worth about $40,000. CI Investments Inc. increased its position in M&T Bank by 887.5% during the third quarter. CI Investments Inc. now owns 237 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 213 shares during the period. Finally, Riverview Trust Co increased its position in M&T Bank by 219.3% during the third quarter. Riverview Trust Co now owns 265 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 182 shares during the period. Institutional investors own 84.10% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of M&T Bank from $175.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 8th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of M&T Bank from $255.00 to $175.00 in a research note on Friday, January 6th. Keefe, Bruyette & Woods downgraded shares of M&T Bank from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $215.00 to $180.00 in a report on Tuesday, December 6th. Royal Bank of Canada cut their price target on shares of M&T Bank from $190.00 to $183.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of M&T Bank from $153.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, January 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $180.80.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $119.57 on Friday. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 0.73 and a beta of 0.82. The firm’s 50-day moving average is $144.47 and its 200 day moving average is $157.47. M&T Bank Co. has a 1 year low of $110.00 and a 1 year high of $193.42. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB – Get Rating) last issued its earnings results on Thursday, January 19th. The financial services provider reported $4.57 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.10. M&T Bank had a return on equity of 11.41% and a net margin of 23.15%. The business had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm earned $3.37 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 17.94 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Monday, March 6th were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, March 3rd. This represents a $5.20 annualized dividend and a dividend yield of 4.35%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.20. M&T Bank’s dividend payout ratio is presently 45.14%.

About M&T Bank

(Get Rating)

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.