M&T Bank Co. (NYSE:MTB) Shares Acquired by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lifted its stake in M&T Bank Co. (NYSE:MTB) by 6.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,652 shares of the financial services provider’s stock after acquiring an additional 96 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in M&T Bank were worth $316,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp boosted its position in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 5.0% during the 4th 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 acquiring an additional 252,583 shares during the period. Geode Capital Management LLC grew its position in M&T Bank by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after acquiring an additional 66,337 shares in the last quarter. Norges Bank acquired a new stake in shares of M&T Bank during the fourth quarter worth about $317,690,000. Finally, Amundi boosted its stake in shares of M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MTB shares. DA Davidson upped their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Truist Financial lowered their target price on M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Compass Point boosted their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $215.97.

M&T Bank Stock Down 3.8 %

MTB opened at $157.13 on Friday. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a market capitalization of $25.82 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The business’s 50-day simple moving average is $186.82 and its 200-day simple moving average is $192.67.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 quarter last year, the business earned $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.44%. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank declared that its Board of Directors has approved a share buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

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.