iA Global Asset Management Inc. Invests $9.89 Million in M&T Bank Corporation $MTB

Key Points

• iA Global Asset Management disclosed a new stake in M&T Bank, buying 47,850 shares valued at about $9.89 million in the first quarter.
• Institutional ownership remains high, with hedge funds and other institutional investors holding 84.68% of M&T Bank’s shares, and several firms recently increasing or adding positions.
• M&T Bank has received a mixed-to-neutral analyst outlook: the consensus rating is “Hold” with an average price target of $236, while the stock also recently traded near its 52-week high after beating quarterly earnings estimates.

iA Global Asset Management Inc. acquired a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 47,850 shares of the financial services provider's stock, valued at approximately $9,892,000.

A number of other institutional investors have also modified their holdings of the company. Fisher Asset Management LLC lifted its position in M&T Bank by 64.0% during the third quarter. Fisher Asset Management LLC now owns 36,215 shares of the financial services provider's stock valued at $7,157,000 after buying an additional 14,135 shares in the last quarter. Delphi Management Inc. MA acquired a new stake in shares of M&T Bank in the fourth quarter worth $1,524,000. Entropy Technologies LP purchased a new position in shares of M&T Bank in the 3rd quarter valued at $4,571,000. LSV Asset Management raised its stake in shares of M&T Bank by 14.5% in the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock valued at $78,960,000 after acquiring an additional 49,500 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG raised its stake in shares of M&T Bank by 101.8% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 31,910 shares of the financial services provider's stock valued at $6,306,000 after acquiring an additional 16,101 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MTB. UBS Group set a $235.00 price target on shares of M&T Bank in a research report on Thursday, April 16th. The Goldman Sachs Group raised their price objective on M&T Bank from $231.00 to $235.00 and gave the company a "neutral" rating in a research report on Monday, April 6th. Morgan Stanley boosted their price objective on M&T Bank from $245.00 to $253.00 and gave the stock an "equal weight" rating in a research note on Monday. Robert W. Baird upped their target price 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. Finally, Royal Bank Of Canada increased their target price on M&T Bank from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Tuesday, June 23rd. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of "Hold" and a consensus price target of $236.00.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares of the company's stock, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.44% of the stock is currently owned by insiders.

M&T Bank Stock Up 1.6%

Shares of M&T Bank stock opened at $241.80 on Thursday. The business has a 50-day moving average of $219.81 and a 200-day moving average of $215.95. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $35.41 billion, a PE ratio of 13.54, a P/E/G ratio of 1.17 and a beta of 0.57. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $242.95.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.02 by $0.16. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates 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 company earned $3.32 earnings per share. As a group, equities analysts forecast that M&T Bank Corporation will post 18.8 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued a dividend of $1.50 per share. The ex-dividend date was Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank's payout ratio is currently 33.59%.

M&T Bank announced that its board has authorized a stock buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.

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