M&T Bank Co. (NYSE:MTB) Shares Acquired by AGF Management Ltd.

AGF Management Ltd. raised its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 34.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 168,789 shares of the financial services provider's stock after purchasing an additional 42,781 shares during the period. AGF Management Ltd. owned 0.10% of M&T Bank worth $31,734,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. FMR LLC boosted its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp raised its position in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank in the 3rd quarter valued at about $44,422,000. Finally, Amundi raised its holdings in M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after acquiring an additional 244,709 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Down 1.4 %

MTB stock opened at $171.40 on Wednesday. The company has a market cap of $28.16 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company's 50-day moving average price is $193.44 and its 200 day moving average price is $192.06. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

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M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the previous year, the company earned $2.74 earnings per share. On average, research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.

M&T Bank declared that its board has authorized a share repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently weighed in on MTB shares. The Goldman Sachs Group increased their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Citigroup lowered shares of M&T Bank from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Truist Financial restated a "buy" rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, M&T Bank currently has an average rating of "Hold" and a consensus target price of $221.68.

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.

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