Canoe Financial LP Has $57.33 Million Stock Position in M&T Bank Corporation $MTB

Key Points

• Canoe Financial LP dramatically increased its holdings in M&T Bank Corporation, purchasing an additional 294,302 shares, bringing its total ownership to 295,506 shares, valued at approximately $57.3 million.
• Multiple research analysts have adjusted their price targets for M&T Bank, with Jefferies Financial Group setting a new high target of $240.00, while the average target across analysts is $214.31, reflecting a consensus rating of "Moderate Buy."
• M&T Bank recently announced a quarterly dividend increase from $1.35 to $1.50 per share, resulting in an annualized dividend yield of 3.0% and a payout ratio of 38.86%.

Canoe Financial LP raised its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 24,443.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 295,506 shares of the financial services provider's stock after purchasing an additional 294,302 shares during the period. Canoe Financial LP owned approximately 0.18% of M&T Bank worth $57,325,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its position in shares of M&T Bank by 53.8% during the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after acquiring an additional 184 shares in the last quarter. Private Trust Co. NA boosted its stake in M&T Bank by 16.5% in the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock worth $115,000 after purchasing an additional 91 shares during the period. Concurrent Investment Advisors LLC bought a new position in M&T Bank during the 1st quarter worth about $225,000. Kingswood Wealth Advisors LLC raised its stake in shares of M&T Bank by 4.4% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares during the period. Finally, Raymond James Financial Inc. lifted its holdings in shares of M&T Bank by 1.8% in the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after purchasing an additional 2,111 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

NYSE MTB traded up $1.60 during midday trading on Friday, hitting $202.03. The company had a trading volume of 3,604,921 shares, compared to its average volume of 823,004. The firm has a 50-day moving average price of $195.18 and a 200-day moving average price of $184.28. The company has a market capitalization of $31.57 billion, a PE ratio of 13.08, a P/E/G ratio of 0.99 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the firm posted $3.73 earnings per share. As a group, analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a dividend of $1.50 per share. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is 38.86%.

Insider Buying and Selling

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 15,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director owned 17,866 shares in the company, valued at $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,738 shares of company stock worth $3,734,612 in the last 90 days. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, June 20th. DA Davidson lifted their price target on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Cantor Fitzgerald began coverage on shares of M&T Bank in a research note on Wednesday, September 10th. They set an "overweight" rating and a $228.00 price objective for the company. Wells Fargo & Company upped their target price on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group raised their price target on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Fourteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and an average target price of $214.31.

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.