Canada Pension Plan Investment Board Buys 4,693 Shares of M&T Bank Co. (NYSE:MTB)

Canada Pension Plan Investment Board lifted its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 48.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,421 shares of the financial services provider's stock after buying an additional 4,693 shares during the quarter. Canada Pension Plan Investment Board's holdings in M&T Bank were worth $2,711,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MTB. Y.D. More Investments Ltd boosted its stake in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC purchased a new position in M&T Bank during the fourth quarter valued at $44,000. Sierra Ocean LLC bought a new stake in M&T Bank in the 4th quarter valued at $44,000. Loomis Sayles & Co. L P purchased a new stake in M&T Bank in the 4th quarter worth $52,000. Finally, Principal Securities Inc. boosted 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 valued at $77,000 after purchasing an additional 132 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Up 3.3 %

NYSE:MTB opened at $161.96 on Wednesday. The company has a market cap of $26.61 billion, a price-to-earnings ratio of 11.07, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. 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 stock has a fifty day simple moving average of $175.73 and a 200-day simple moving average of $191.00.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion during 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 period last year, the firm earned $3.09 earnings per share. Analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.33%. M&T Bank's dividend payout ratio (DPR) is currently 36.17%.

Insider Buying and Selling at M&T Bank

In related 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 value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research reports. Barclays reduced their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. 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. Morgan Stanley cut their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Truist Financial decreased their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Piper Sandler dropped their price objective on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and an average price target of $208.14.

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.

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