iA Global Asset Management Inc. Acquires Shares of 47,850 M&T Bank Corporation $MTB

iA Global Asset Management Inc. bought a new position in shares of M&T Bank Corporation (NYSE:MTB) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 47,850 shares of the financial services provider’s stock, valued at approximately $9,892,000.

Several other hedge funds also recently made changes to their positions in MTB. Commonwealth Retirement Investments LLC increased its holdings in shares of M&T Bank by 0.4% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock valued at $2,214,000 after acquiring an additional 44 shares during the last quarter. Ransom Advisory Ltd lifted its stake in M&T Bank by 2.0% during the fourth quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider’s stock worth $506,000 after purchasing an additional 50 shares during the last quarter. Wedbush Securities Inc. lifted its stake in M&T Bank by 2.4% during the fourth quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock worth $448,000 after purchasing an additional 52 shares during the last quarter. Bank of Jackson Hole Trust boosted its holdings in M&T Bank by 38.7% in the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its holdings in M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock worth $698,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.44% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB opened at $241.80 on Thursday. M&T Bank Corporation has a 1 year low of $174.76 and a 1 year high of $242.95. The company has a market cap of $35.41 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a fifty day moving average of $219.81 and a 200-day moving average of $215.95.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the company earned $3.32 EPS. As a group, equities analysts anticipate that M&T Bank Corporation will post 18.8 earnings per share for the current year.

M&T Bank announced that its board has approved a stock repurchase plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were given a $1.50 dividend. The ex-dividend date was Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank’s dividend payout ratio is 33.59%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler increased their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Royal Bank Of Canada lifted their price target on shares of M&T Bank from $225.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, June 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Argus increased their price objective on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Morgan Stanley raised their target price on shares of M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $236.00.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.