Mackenzie Financial Corp Has $3.94 Million Stake in M&T Bank Co. (NYSE:MTB)

Mackenzie Financial Corp grew its position in M&T Bank Co. (NYSE:MTB - Free Report) by 12.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,976 shares of the financial services provider's stock after acquiring an additional 2,361 shares during the quarter. Mackenzie Financial Corp's holdings in M&T Bank were worth $3,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. FMR LLC increased its holdings in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock valued at $819,768,000 after acquiring an additional 40,948 shares during the last quarter. Norges Bank bought a new position in M&T Bank during the 4th quarter worth $317,690,000. Finally, Northern Trust Corp grew its stake in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after buying an additional 215,100 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Trading Down 1.5%

Shares of NYSE MTB traded down $2.74 during mid-day trading on Monday, hitting $179.90. 1,280,835 shares of the company traded hands, compared to its average volume of 1,155,484. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The stock has a market capitalization of $28.88 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average of $172.34 and a two-hundred day moving average of $187.32.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $3.09 earnings per share. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank's payout ratio is currently 36.17%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MTB. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. DA Davidson lowered their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Morgan Stanley decreased their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Truist Financial decreased their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and an average price target of $212.53.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company's stock.

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.