Cibc World Markets Corp Has $4.94 Million Stock Position in M&T Bank Co. (NYSE:MTB)

Cibc World Markets Corp lowered its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 18.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,256 shares of the financial services provider's stock after selling 6,051 shares during the quarter. Cibc World Markets Corp's holdings in M&T Bank were worth $4,936,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Y.D. More Investments Ltd lifted its stake in shares of 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 valued at $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC acquired a new position in M&T Bank during the 4th quarter valued at about $44,000. Sierra Ocean LLC bought a new position in shares of M&T Bank in the 4th quarter valued at about $44,000. Principal Securities Inc. raised its stake in shares of 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 buying an additional 132 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in M&T Bank in the third quarter valued at approximately $91,000. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Up 2.4 %

Shares of MTB traded up $4.25 during midday trading on Monday, hitting $182.50. The stock had a trading volume of 924,234 shares, compared to its average volume of 1,049,412. The firm has a market cap of $29.98 billion, a price-to-earnings ratio of 12.47, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a 50 day simple moving average of $190.99 and a two-hundred day simple moving average of $192.35. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

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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, beating analysts' consensus estimates 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 period last year, the firm posted $2.74 EPS. On average, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has initiated a share 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 usually an indication that the company's leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.96%. The ex-dividend date is Monday, March 3rd. M&T Bank's payout ratio is 36.91%.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The shares were 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 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 legal filing with the SEC, which is available through this link. Company insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Evercore ISI reduced their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Compass Point raised their target price on M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. The Goldman Sachs Group upped their price target on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank presently has an average rating of "Hold" and a consensus price target of $219.97.

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.