Alberta Investment Management Corp Takes Position in M&T Bank Co. (NYSE:MTB)

Alberta Investment Management Corp acquired a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 5,500 shares of the financial services provider’s stock, valued at approximately $1,034,000.

Several other large investors have also modified their holdings of the company. Sanctuary Advisors LLC lifted its position in 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 worth $3,195,000 after acquiring an additional 52 shares during the last quarter. Hedeker Wealth LLC increased its stake in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC lifted its position in shares of M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 56 shares during the last quarter. Frank Rimerman Advisors LLC boosted its stake in M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 57 shares during the period. Finally, Crestwood Advisors Group LLC grew its holdings in M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after buying an additional 57 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MTB shares. Wells Fargo & Company increased their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Evercore ISI boosted their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Barclays lifted their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Piper Sandler lifted their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $221.68.

Insider Activity

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Down 2.0 %

MTB opened at $193.48 on Friday. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The firm has a market cap of $32.10 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.40 and a beta of 0.79. The firm’s 50-day simple moving average is $195.09 and its 200-day simple moving average is $189.87. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate 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 business earned $2.74 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS 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. Stockholders 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 dividend yield of 2.79%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank announced that its board has approved a stock buyback 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 purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

M&T Bank Profile

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.