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

CIBC Asset Management Inc lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,429 shares of the financial services provider’s stock after purchasing an additional 1,882 shares during the quarter. CIBC Asset Management Inc’s holdings in M&T Bank were worth $5,064,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Lummis Asset Management LP acquired a new stake in shares of M&T Bank during the third quarter worth $139,000. Tokio Marine Asset Management Co. Ltd. boosted its holdings in M&T Bank by 7.0% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,279 shares of the financial services provider’s stock valued at $762,000 after acquiring an additional 280 shares during the last quarter. Metis Global Partners LLC boosted its holdings in M&T Bank by 4.2% in the third quarter. Metis Global Partners LLC now owns 6,822 shares of the financial services provider’s stock valued at $1,215,000 after acquiring an additional 278 shares during the last quarter. Curi RMB Capital LLC boosted its holdings in M&T Bank by 1.9% in the third quarter. Curi RMB Capital LLC now owns 46,404 shares of the financial services provider’s stock valued at $8,265,000 after acquiring an additional 854 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in M&T Bank by 10.6% in the third quarter. Huntington National Bank now owns 314,114 shares of the financial services provider’s stock valued at $55,950,000 after acquiring an additional 30,075 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Michael J. Todaro sold 4,786 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the completion of the sale, the executive vice president now directly owns 2,787 shares in the company, valued at $596,696.70. This represents a 63.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,383 shares of company stock worth $13,576,801 over the last ninety days. Company insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.7 %

Shares of M&T Bank stock opened at $214.74 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market cap of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 3.02 and a beta of 0.74. M&T Bank Co. has a fifty-two week low of $123.37 and a fifty-two week high of $216.84. The business has a 50-day moving average price of $187.11 and a 200 day moving average price of $167.36.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. On average, sell-side analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. M&T Bank’s payout ratio is currently 39.97%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. DA Davidson lifted their target price on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group raised their price objective on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Evercore ISI raised their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Piper Sandler raised their price objective on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company lifted their target price on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average target price of $199.65.

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.