AGF Management Ltd. Purchases 144,394 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• AGF Management Ltd. increased its stake in M&T Bank Corporation by 85.5%, acquiring an additional 144,394 shares, bringing its total ownership to 313,183 shares valued at approximately $55.98 million.
• M&T Bank reported $4.28 earnings per share (EPS) for the last quarter, exceeding analysts' predictions of $4.04, alongside a revenue of $2.40 billion.
• The company declared a quarterly dividend of $1.35 per share, which equates to an annualized yield of 2.9% with a payout ratio of 34.97%.

AGF Management Ltd. lifted its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 85.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 313,183 shares of the financial services provider's stock after buying an additional 144,394 shares during the quarter. AGF Management Ltd. owned approximately 0.19% of M&T Bank worth $55,981,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank in the 4th quarter worth about $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank in the 4th quarter worth about $38,000. Grove Bank & Trust grew its position in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC purchased a new stake in M&T Bank during the 1st quarter valued at about $46,000. Finally, Investors Research Corp grew its position in M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 70 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares in the company, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock worth $1,967,346 in the last quarter. Company insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

MTB has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Citigroup increased their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. Finally, Robert W. Baird cut their price objective on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Performance

MTB traded up $4.64 during midday trading on Tuesday, hitting $191.15. 934,972 shares of the company traded hands, compared to its average volume of 1,107,018. The company's 50-day moving average is $191.07 and its 200 day moving average is $183.91. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $29.87 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.91 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the prior year, the business earned $3.73 EPS. On average, research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio is 34.97%.

M&T Bank Company 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.