Canoe Financial LP Has $103.20 Million Stake in M&T Bank Co. (NYSE:MTB)

Canoe Financial LP raised its position in shares of M&T Bank Co. (NYSE:MTB) by 29.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 588,302 shares of the financial services provider’s stock after buying an additional 133,748 shares during the period. M&T Bank comprises 2.5% of Canoe Financial LP’s portfolio, making the stock its 14th biggest position. Canoe Financial LP owned about 0.35% of M&T Bank worth $103,200,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Frank Rimerman Advisors LLC increased its holdings in shares of M&T Bank by 1.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 57 shares in the last quarter. Hexagon Capital Partners LLC raised its position in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the last quarter. Meeder Advisory Services Inc. raised its position in M&T Bank by 3.9% in the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in M&T Bank by 1.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 70 shares during the last quarter. Finally, Umpqua Bank raised its position in M&T Bank by 5.3% in the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the subject of several research analyst reports. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research report on Friday, October 4th. Citigroup boosted their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wedbush boosted their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Jefferies Financial Group upped their target price on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods upped their target price on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $197.47.

M&T Bank Trading Down 1.0 %

M&T Bank stock opened at $192.57 on Monday. The firm has a 50-day moving average of $176.21 and a 200-day moving average of $160.86. M&T Bank Co. has a one year low of $108.53 and a one year high of $200.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The company has a market cap of $32.13 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 2.75 and a beta of 0.75.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.80%. M&T Bank’s dividend payout ratio is 39.97%.

Insider Transactions at M&T Bank

In other news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the sale, the insider now directly owns 47,944 shares of the company’s stock, valued at approximately $7,780,352.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total transaction of $989,096.60. Following the completion of the sale, the insider now directly owns 47,944 shares in the company, valued at approximately $7,780,352.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,727 shares of company stock worth $7,437,558 in the last three months. Insiders own 0.82% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.