CIBC Asset Management Inc Grows Stake in M&T Bank Co. (NYSE:MTB)

CIBC Asset Management Inc boosted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 36.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,867 shares of the financial services provider's stock after buying an additional 10,438 shares during the quarter. CIBC Asset Management Inc's holdings in M&T Bank were worth $7,307,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its position in shares of M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after acquiring an additional 52 shares during the period. Hedeker Wealth LLC grew its holdings in M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider's stock valued at $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC grew its holdings in M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 56 shares during the period. Frank Rimerman Advisors LLC increased its position in M&T Bank by 1.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider's stock worth $1,005,000 after buying an additional 57 shares in the last quarter. Finally, Crestwood Advisors Group LLC raised its stake in shares of M&T Bank by 1.9% in the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider's stock worth $553,000 after buying an additional 57 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MTB has been the subject of several analyst reports. Wells Fargo & Company increased their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a report on Friday, November 15th. Citigroup downgraded shares of M&T Bank from a "buy" rating to a "neutral" rating and raised their price objective for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. DA Davidson raised their price target on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, M&T Bank has an average rating of "Hold" and an average price target of $221.68.

M&T Bank Price Performance

NYSE MTB traded down $4.31 during trading on Friday, hitting $193.14. 825,314 shares of the stock traded hands, compared to its average volume of 1,179,101. The company has a market capitalization of $32.05 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.40 and a beta of 0.79. The firm has a 50-day simple moving average of $195.20 and a 200-day simple moving average of $189.64. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the firm posted $2.74 earnings per share. As a group, analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is 36.91%.

M&T Bank announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at M&T Bank

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. The trade was a 13.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 of the company's stock, valued at $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. Company insiders own 0.82% of the company's stock.

About M&T Bank

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.