M&T Bank Co. (NYSE:MTB) Shares Sold by Canoe Financial LP

Canoe Financial LP cut its stake in M&T Bank Co. (NYSE:MTB) by 99.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 322 shares of the financial services provider’s stock after selling 587,980 shares during the period. Canoe Financial LP’s holdings in M&T Bank were worth $61,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in shares of M&T Bank in the 3rd quarter valued at $44,000. Principal Financial Group Inc. raised its position in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares during the period. Smead Capital Management Inc. boosted its holdings in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after acquiring an additional 16,657 shares during the last quarter. National Pension Service grew its position in M&T Bank by 5.2% during the third quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock valued at $47,761,000 after acquiring an additional 13,302 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its stake in M&T Bank by 6.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after acquiring an additional 2,883 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MTB. Piper Sandler lifted their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Compass Point lifted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the company from $220.00 to $230.00 in a report on Monday, November 25th. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $221.68.

Insider Buying and Selling

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,994 shares of company stock worth $17,211,278. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $196.88 on Friday. The stock’s 50 day moving average is $202.66 and its two-hundred day moving average is $183.16. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a market capitalization of $32.67 billion, a PE ratio of 14.57, a P/E/G ratio of 2.16 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same period last year, the firm earned $2.74 earnings per share. Analysts predict that M&T Bank Co. will post 14.58 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.74%. M&T Bank’s payout ratio is 39.97%.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.