Canoe Financial LP Increases Holdings 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 increased its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 24,443.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 295,506 shares of the financial services provider's stock after buying an additional 294,302 shares during the quarter. Canoe Financial LP owned 0.18% of M&T Bank worth $57,325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. Family Legacy Financial Solutions LLC acquired a new stake in M&T Bank during the 2nd quarter valued at approximately $46,000. Mn Services Vermogensbeheer B.V. increased its position in M&T Bank by 1.0% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 60,600 shares of the financial services provider's stock valued at $11,756,000 after purchasing an additional 600 shares during the period. Fiduciary Alliance LLC increased its position in M&T Bank by 1.8% during the 2nd quarter. Fiduciary Alliance LLC now owns 25,905 shares of the financial services provider's stock valued at $5,025,000 after purchasing an additional 462 shares during the period. Parallel Advisors LLC increased its position in M&T Bank by 3.4% during the 2nd quarter. Parallel Advisors LLC now owns 3,459 shares of the financial services provider's stock valued at $671,000 after purchasing an additional 113 shares during the period. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new stake in M&T Bank during the 1st quarter valued at approximately $1,217,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Transactions at M&T Bank

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 completion of the sale, the executive vice president 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 legal filing with the SEC, which can be accessed through this link. Also, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the sale, the director directly owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock valued at $3,734,612 in the last quarter. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Up 1.1%

Shares of NYSE MTB traded up $2.24 during mid-day trading on Tuesday, hitting $201.14. 191,675 shares of the stock traded hands, compared to its average volume of 1,219,922. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The company has a market cap of $31.43 billion, a price-to-earnings ratio of 13.02, a PEG ratio of 0.99 and a beta of 0.67. The stock has a fifty day moving average price of $195.10 and a 200-day moving average price of $184.47.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping 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 business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the prior year, the business posted $3.73 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio (DPR) is 38.86%.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. DA Davidson increased their price target on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley increased their price target on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Cantor Fitzgerald started coverage on M&T Bank in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $228.00 price target for the company. Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Jefferies Financial Group raised their target price on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Fourteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.