Bank of Nova Scotia Has $13.01 Million Stake in M&T Bank Co. (NYSE:MTB)

Bank of Nova Scotia cut its position in M&T Bank Co. (NYSE:MTB - Free Report) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,178 shares of the financial services provider's stock after selling 3,184 shares during the quarter. Bank of Nova Scotia's holdings in M&T Bank were worth $13,006,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MTB. Y.D. More Investments Ltd boosted its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC bought a new position in M&T Bank during the fourth quarter valued at about $44,000. Sierra Ocean LLC acquired a new position in M&T Bank in the 4th quarter valued at approximately $44,000. Loomis Sayles & Co. L P bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $52,000. Finally, Principal Securities Inc. grew its holdings in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after purchasing an additional 132 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler lowered their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a report on Tuesday. Barclays cut their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday. Robert W. Baird dropped their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday. Wells Fargo & Company dropped their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday. Finally, StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of "Hold" and a consensus price target of $208.14.

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M&T Bank Stock Up 0.6 %

Shares of M&T Bank stock traded up $0.97 during trading on Tuesday, reaching $159.47. The stock had a trading volume of 1,018,343 shares, compared to its average volume of 1,117,993. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $26.20 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52 week low of $136.18 and a 52 week high of $225.70. The stock has a fifty day moving average price of $180.47 and a two-hundred day moving average price of $191.77.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the business earned $3.09 earnings per share. Sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.39%. M&T Bank's dividend payout ratio is 36.91%.

M&T Bank announced that its board has initiated a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm'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 completion of the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by corporate insiders.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.