AGF Management Ltd. Has $34.81 Million Stake in M&T Bank Corporation $MTB

AGF Management Ltd. reduced its holdings in M&T Bank Corporation (NYSE:MTB) by 33.7% during the 3rd quarter, Holdings Channel reports. The fund owned 176,132 shares of the financial services provider’s stock after selling 89,500 shares during the quarter. AGF Management Ltd.’s holdings in M&T Bank were worth $34,807,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Canoe Financial LP lifted its position in shares of M&T Bank by 46.8% during the third quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock worth $85,704,000 after purchasing an additional 138,173 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in M&T Bank by 19.1% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,731 shares of the financial services provider’s stock worth $17,140,000 after purchasing an additional 13,889 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in M&T Bank by 27.3% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 8,111 shares of the financial services provider’s stock worth $1,574,000 after purchasing an additional 1,741 shares during the last quarter. Allstate Corp acquired a new position in M&T Bank during the 3rd quarter worth $1,114,000. Finally, Ethic Inc. lifted its holdings in M&T Bank by 20.8% during the 2nd quarter. Ethic Inc. now owns 25,741 shares of the financial services provider’s stock worth $4,988,000 after buying an additional 4,432 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of several research reports. Royal Bank Of Canada lifted their target price on M&T Bank from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Friday, January 16th. Keefe, Bruyette & Woods raised their price target on M&T Bank from $220.00 to $230.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Truist Financial set a $230.00 price objective on M&T Bank in a research report on Tuesday, January 20th. Cantor Fitzgerald upped their target price on shares of M&T Bank from $228.00 to $238.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Finally, Wolfe Research lowered shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $224.29.

M&T Bank Trading Up 1.8%

NYSE:MTB opened at $225.60 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.97 and a debt-to-equity ratio of 0.41. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $226.10. The firm has a market capitalization of $34.67 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 0.97 and a beta of 0.60. The business’s 50-day moving average price is $206.28 and its two-hundred day moving average price is $196.45.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.72 EPS for the quarter, beating analysts’ consensus estimates of $4.47 by $0.25. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same period in the prior year, the business posted $3.77 EPS. On average, equities analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st were issued a $1.50 dividend. The ex-dividend date was Monday, December 1st. This represents a $6.00 annualized dividend and a yield of 2.7%. M&T Bank’s dividend payout ratio (DPR) is 35.19%.

Insider Activity

In related news, Vice Chairman Gary N. Geisel sold 887 shares of the firm’s stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total transaction of $191,405.73. Following the sale, the insider owned 16,446 shares of the company’s stock, valued at approximately $3,548,882.34. This trade represents a 5.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christopher E. Kay sold 5,250 shares of M&T Bank stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the transaction, the executive vice president owned 5,501 shares in the company, valued at approximately $1,054,541.70. This represents a 48.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 30,003 shares of company stock valued at $6,283,182. 0.53% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.