M&T Bank Corporation (NYSE:MTB) Shares Purchased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its holdings in M&T Bank Corporation by 29.7%, acquiring an additional 6,239 shares, bringing its total ownership to 27,215 shares valued at approximately $4.87 million.
• Insider trading activity saw significant sales, with Director Robert E. Sadler, Jr. selling 6,700 shares and EVP Peter D'arcy selling 2,461 shares recently, representing notable decreases in their ownership stakes.
• M&T Bank performed better than expected in its last quarterly report, beating analysts' earnings estimates, with revenue of $2.40 billion and earnings per share of $4.28.

Mackenzie Financial Corp boosted its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 29.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,215 shares of the financial services provider's stock after purchasing an additional 6,239 shares during the quarter. Mackenzie Financial Corp's holdings in M&T Bank were worth $4,865,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

MTB has been the subject of a number of research analyst reports. TD Cowen initiated coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 target price for the company. Cowen initiated coverage on M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating for the company. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Piper Sandler lowered their target price on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Up 1.8%

MTB stock traded up $3.29 during trading on Monday, hitting $188.28. 852,832 shares of the company's stock were exchanged, compared to its average volume of 1,147,970. The business has a 50-day moving average price of $190.33 and a two-hundred day moving average price of $184.31. The stock has a market capitalization of $30.22 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.91 and a beta of 0.63. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

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, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the business earned $3.73 earnings per share. As a group, equities research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.9%. M&T Bank's payout ratio is currently 34.97%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the sale, the director owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by insiders.

About M&T Bank

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.