Canoe Financial LP Lowers Position in M&T Bank Corporation $MTB

Key Points

• Canoe Financial LP cut its stake in M&T Bank by 24.4% in the first quarter, selling 159,440 shares and ending with 493,304 shares worth about $102 million.
• M&T Bank reported strong first-quarter earnings, posting $4.18 EPS versus the $4.02 estimate and revenue of $2.44 billion, while analysts currently have a consensus rating of Hold with a $235.58 target price.
• The bank also authorized a $5 billion share repurchase program and declared a quarterly dividend of $1.50 per share, equal to a 2.5% yield.

Canoe Financial LP trimmed its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 24.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 493,304 shares of the financial services provider's stock after selling 159,440 shares during the quarter. Canoe Financial LP owned 0.33% of M&T Bank worth $101,976,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new position in M&T Bank during the 3rd quarter worth approximately $32,000. Elyxium Wealth LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at approximately $33,000. Ameriflex Group Inc. boosted its stake in shares of M&T Bank by 82.4% in the third quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider's stock valued at $37,000 after buying an additional 84 shares in the last quarter. Bank of Jackson Hole Trust boosted its stake in shares of M&T Bank by 38.7% in the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock valued at $43,000 after buying an additional 60 shares in the last quarter. Finally, Hoese & Co LLP purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $50,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

Several research analysts have issued reports on the company. Robert W. Baird increased their price objective on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Cantor Fitzgerald decreased their target price on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, April 17th. Piper Sandler upped their price target on shares of M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. cut their price target on shares of M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. Finally, UBS Group set a $235.00 price target on shares of M&T Bank in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $235.58.

M&T Bank Stock Performance

NYSE MTB opened at $237.46 on Monday. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $239.00. The company has a market capitalization of $34.78 billion, a P/E ratio of 13.30, a PEG ratio of 1.16 and a beta of 0.58. The business has a 50 day moving average price of $218.54 and a 200 day moving average price of $215.16. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.02 by $0.16. The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period in the previous year, the firm posted $3.32 earnings per share. Sell-side analysts expect that M&T Bank Corporation will post 18.8 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank's payout ratio is 33.59%.

M&T Bank Company 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.

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