M&T Bank Co. (NYSE:MTB) Shares Acquired by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co raised its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 63.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 210,461 shares of the financial services provider's stock after acquiring an additional 81,570 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.13% of M&T Bank worth $39,568,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Y.D. More Investments Ltd boosted its holdings 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 purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank in the 4th quarter worth approximately $44,000. Loomis Sayles & Co. L P purchased a new position in M&T Bank in the 4th quarter valued at approximately $52,000. Finally, Principal Securities Inc. raised its holdings in 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. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Up 2.5 %

Shares of MTB traded up $4.09 during mid-day trading on Thursday, reaching $169.43. 346,889 shares of the stock traded hands, compared to its average volume of 1,418,679. The stock has a fifty day simple moving average of $175.07 and a 200 day simple moving average of $190.83. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $27.84 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS 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 analysts' expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the company posted $3.09 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has approved a stock buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.17%.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research reports. Evercore ISI lowered their target price 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. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a report on Thursday. Barclays lowered their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley cut their price objective on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, DA Davidson dropped their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $208.24.

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.