AGF Management Ltd. Reduces Stock Position in M&T Bank Corporation $MTB

AGF Management Ltd. lessened its stake in M&T Bank Corporation (NYSE:MTB) by 33.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 176,132 shares of the financial services provider’s stock after selling 89,500 shares during the period. AGF Management Ltd. owned about 0.11% of M&T Bank worth $34,807,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MTB. Golden State Wealth Management LLC grew its stake in M&T Bank by 2,214.3% in the second quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 155 shares in the last quarter. Bank of Jackson Hole Trust grew its position in shares of M&T Bank by 342.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 120 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of M&T Bank in the 2nd quarter valued at approximately $36,000. Cullen Frost Bankers Inc. lifted its stake in M&T Bank by 1,109.5% during the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 233 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in M&T Bank in the third quarter worth $61,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Up 1.8%

NYSE MTB opened at $225.60 on Tuesday. The company has a market capitalization of $34.67 billion, a P/E ratio of 13.23, a PEG ratio of 0.97 and a beta of 0.60. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $226.10. The company’s 50 day simple moving average is $206.28 and its 200 day simple moving average is $196.45. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.47 by $0.25. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company earned $3.77 EPS. Equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

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

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,000 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $190.06, for a total transaction of $1,140,360.00. Following the transaction, the director owned 17,070 shares in the company, valued at approximately $3,244,324.20. This trade represents a 26.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gary N. Geisel sold 887 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $215.79, for a total value of $191,405.73. Following the completion of the sale, the insider directly owned 16,446 shares in the company, valued at approximately $3,548,882.34. This represents a 5.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,003 shares of company stock valued at $6,283,182 over the last 90 days. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on MTB shares. TD Cowen reissued a “buy” rating on shares of M&T Bank in a report on Wednesday, January 7th. Cantor Fitzgerald boosted their price objective 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. Royal Bank Of Canada increased their price objective on shares of M&T Bank from $210.00 to $220.00 and gave the stock an “outperform” rating in a research note on Friday, January 16th. Robert W. Baird raised their target price on shares of M&T Bank from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, December 18th. Finally, Truist Financial set a $230.00 target price on M&T Bank in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $224.29.

M&T Bank 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.