Cibc World Markets Corp Reduces Position in M&T Bank Co. (NYSE:MTB)

Cibc World Markets Corp decreased its stake in shares of M&T Bank Co. (NYSE:MTB) by 18.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,256 shares of the financial services provider’s stock after selling 6,051 shares during the period. Cibc World Markets Corp’s holdings in M&T Bank were worth $4,936,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Y.D. More Investments Ltd increased its position in M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth $44,000. Principal Securities Inc. boosted its holdings in shares of M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 132 shares during the last quarter. Finally, Kentucky Trust Co acquired a new stake in shares of M&T Bank during the fourth quarter worth $92,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Barclays raised their price objective on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Evercore ISI decreased their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Truist Financial restated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Finally, Morgan Stanley decreased their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $222.03.

M&T Bank Trading Up 1.3 %

NYSE:MTB opened at $177.10 on Thursday. The business’s 50-day moving average is $191.47 and its two-hundred day moving average is $192.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The firm has a market capitalization of $29.10 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 period last year, the firm earned $2.74 EPS. Research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 3.05%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank Company Profile

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.