M&T Bank Co. (NYSE:MTB) Position Increased by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in M&T Bank Co. (NYSE:MTB) by 36.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 38,867 shares of the financial services provider’s stock after buying an additional 10,438 shares during the quarter. CIBC Asset Management Inc’s holdings in M&T Bank were worth $7,307,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new position in shares of M&T Bank during the third quarter valued at $71,000. Creative Planning grew its position in M&T Bank by 8.5% in the 3rd quarter. Creative Planning now owns 29,225 shares of the financial services provider’s stock worth $5,206,000 after purchasing an additional 2,300 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of M&T Bank by 79.1% during the third quarter. Blue Trust Inc. now owns 2,491 shares of the financial services provider’s stock valued at $444,000 after buying an additional 1,100 shares during the last quarter. Raymond James & Associates grew its holdings in M&T Bank by 11.0% in the 3rd quarter. Raymond James & Associates now owns 66,209 shares of the financial services provider’s stock worth $11,793,000 after buying an additional 6,552 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its position in M&T Bank by 14.8% in the 3rd quarter. Foundations Investment Advisors LLC now owns 2,167 shares of the financial services provider’s stock valued at $386,000 after acquiring an additional 280 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on MTB shares. Truist Financial reiterated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Compass Point increased 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, DA Davidson boosted 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $221.68.

Insider Activity at M&T Bank

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 sale, the insider now owns 16,429 shares of the company’s stock, 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 can be accessed through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the transaction, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Stock Down 0.6 %

Shares of MTB stock opened at $199.37 on Thursday. M&T Bank Co. has a 12 month low of $133.03 and a 12 month 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 cap of $33.08 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. The stock has a 50 day moving average of $195.25 and a 200-day moving average of $189.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the firm posted $2.74 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.71%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.