CANADA LIFE ASSURANCE Co Has $39.57 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

CANADA LIFE ASSURANCE Co increased its position in shares of M&T Bank Co. (NYSE:MTB) by 63.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,461 shares of the financial services provider’s stock after acquiring an additional 81,570 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.13% of M&T Bank worth $39,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC lifted its stake in M&T Bank by 11.9% in the third quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after acquiring an additional 61,375 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in shares of M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after purchasing an additional 6,205 shares during the last quarter. Franklin Resources Inc. boosted its holdings in M&T Bank by 45.5% in the third quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock worth $3,986,000 after purchasing an additional 6,717 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in M&T Bank during the third quarter worth $1,834,000. Finally, Principal Financial Group Inc. raised its holdings in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $160.09 on Friday. The stock has a market cap of $26.30 billion, a P/E ratio of 10.94, 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. M&T Bank Co. has a twelve month low of $139.56 and a twelve month high of $225.70. The company’s 50-day simple moving average is $177.25 and its 200 day simple moving average is $191.10.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the business earned $3.09 EPS. As a group, research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced 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 dividend yield of 3.37%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.17%.

M&T Bank declared that its board has approved a share repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MTB. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Evercore ISI lowered their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler reduced their price objective on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday. Truist Financial lowered their target price on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $208.14.

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 that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Profile

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.