M&T Bank Corporation $MTB Shares Sold by Canoe Financial LP

Canoe Financial LP lowered its stake in M&T Bank Corporation (NYSE:MTB) by 24.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 493,304 shares of the financial services provider’s stock after selling 159,440 shares during the period. Canoe Financial LP’s holdings in M&T Bank were worth $101,976,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Triumph Capital Management purchased a new position in M&T Bank during the third quarter worth $32,000. Elyxium Wealth LLC purchased a new stake in M&T Bank during the 4th quarter worth about $33,000. Ameriflex Group Inc. raised its stake in M&T Bank by 82.4% in the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 84 shares during the last quarter. Bank of Jackson Hole Trust raised its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 60 shares during the last quarter. Finally, Hoese & Co LLP purchased a new position in M&T Bank in the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $237.46 on Monday. The business’s 50-day moving average price is $218.54 and its 200 day moving average price is $215.16. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $239.00. The company has a market capitalization of $34.78 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.16 and a beta of 0.58. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the company earned $3.32 EPS. On average, research analysts predict that M&T Bank Corporation will post 18.8 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is 33.59%.

M&T Bank declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on MTB shares. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. DA Davidson boosted their price objective on shares of M&T Bank from $233.00 to $235.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their price objective on shares of M&T Bank from $231.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, April 6th. Piper Sandler raised their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Argus lifted their target price on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $235.58.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.44% of the stock is currently owned by company insiders.

About M&T Bank

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.