CIBC Asset Management Inc Has $5.06 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

CIBC Asset Management Inc grew its position in shares of M&T Bank Co. (NYSE:MTB) by 7.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 28,429 shares of the financial services provider’s stock after buying an additional 1,882 shares during the quarter. CIBC Asset Management Inc’s holdings in M&T Bank were worth $5,064,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in M&T Bank by 4.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after buying an additional 81,004 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in M&T Bank by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after buying an additional 93,113 shares during the last quarter. Bank of New York Mellon Corp grew its stake in M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after buying an additional 44,442 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in M&T Bank by 3.2% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock worth $211,631,000 after buying an additional 43,795 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in M&T Bank by 77.0% during the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after buying an additional 319,051 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the sale, the executive vice president now owns 2,787 shares in the company, valued at approximately $596,696.70. The trade was a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,383 shares of company stock worth $13,576,801. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $214.74 on Monday. The firm’s 50 day moving average price is $187.11 and its two-hundred day moving average price is $167.36. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $35.63 billion, a PE ratio of 15.89, a PEG ratio of 3.02 and a beta of 0.74. M&T Bank Co. has a 52-week low of $123.37 and a 52-week high of $216.84.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, analysts forecast that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 2.51%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research analyst reports. Evercore ISI increased their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler increased their price target on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Wells Fargo & Company increased their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday. Wedbush increased their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Finally, DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $199.65.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.