Investment Management Corp of Ontario Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Investment Management Corp of Ontario grew its position in M&T Bank Co. (NYSE:MTB - Free Report) by 32.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,397 shares of the financial services provider's stock after acquiring an additional 1,821 shares during the quarter. Investment Management Corp of Ontario's holdings in M&T Bank were worth $1,391,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Janus Henderson Group PLC grew its position in M&T Bank by 32.6% during the 4th quarter. Janus Henderson Group PLC now owns 28,223 shares of the financial services provider's stock worth $5,308,000 after purchasing an additional 6,936 shares during the last quarter. Gotham Asset Management LLC increased its position in M&T Bank by 43.0% in the 4th quarter. Gotham Asset Management LLC now owns 3,403 shares of the financial services provider's stock valued at $640,000 after acquiring an additional 1,023 shares during the period. Focus Partners Wealth raised its stake in shares of M&T Bank by 379.9% during the fourth quarter. Focus Partners Wealth now owns 18,144 shares of the financial services provider's stock worth $3,412,000 after purchasing an additional 14,363 shares during the last quarter. Ellevest Inc. purchased a new stake in shares of M&T Bank during the fourth quarter worth approximately $268,000. Finally, Ethic Inc. lifted its holdings in shares of M&T Bank by 1.9% during the fourth quarter. Ethic Inc. now owns 20,357 shares of the financial services provider's stock worth $3,827,000 after purchasing an additional 374 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of MTB traded up $1.65 during mid-day trading on Thursday, reaching $187.06. 762,656 shares of the company's stock were exchanged, compared to its average volume of 1,131,461. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70. The company has a market cap of $30.03 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 1.38 and a beta of 0.58. The company has a 50-day simple moving average of $170.63 and a two-hundred day simple moving average of $189.45.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company posted $3.09 EPS. On average, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.17%.

M&T Bank declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

MTB has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday. Evercore ISI dropped their target price on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Robert W. Baird reduced their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Truist Financial decreased their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and an average target price of $209.33.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.53% of the stock is currently owned by corporate 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.