CIBC Asset Management Inc Sells 680 Shares of M&T Bank Co. (MTB)
CIBC Asset Management Inc decreased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 4.3% during the fourth quarter, HoldingsChannel reports. The firm owned 15,300 shares of the financial services provider’s stock after selling 680 shares during the period. CIBC Asset Management Inc’s holdings in M&T Bank were worth $2,616,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Savant Capital LLC purchased a new stake in M&T Bank during the fourth quarter valued at $202,000. McCollum Christoferson Group LLC purchased a new stake in M&T Bank during the fourth quarter valued at $209,000. Wedbush Securities Inc. purchased a new stake in M&T Bank during the third quarter valued at $206,000. Columbia Asset Management purchased a new stake in M&T Bank during the third quarter valued at $212,000. Finally, Virtu Financial LLC purchased a new stake in M&T Bank during the third quarter valued at $213,000. 77.70% of the stock is currently owned by institutional investors.
M&T Bank Co. (NYSE MTB) opened at $178.35 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.05 and a current ratio of 0.99. M&T Bank Co. has a 1 year low of $141.12 and a 1 year high of $193.85. The firm has a market cap of $26,840.00, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 1.19 and a beta of 0.91.
M&T Bank declared that its board has approved a share buyback program on Monday, February 5th that authorizes the company to repurchase $745.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
MTB has been the topic of a number of recent research reports. Vining Sparks reaffirmed a “buy” rating and set a $200.00 price target on shares of M&T Bank in a research note on Monday, January 8th. Barclays upped their price target on shares of M&T Bank from $175.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research raised shares of M&T Bank from a “hold” rating to a “strong-buy” rating and set a $217.00 price target on the stock in a research note on Wednesday, January 24th. ValuEngine raised shares of M&T Bank from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Wells Fargo & Co set a $180.00 price target on shares of M&T Bank and gave the company a “hold” rating in a research note on Wednesday, December 20th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $176.12.
In other news, VP Michael R. Spychala sold 13,417 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $170.92, for a total value of $2,293,233.64. Following the transaction, the vice president now directly owns 51,622 shares in the company, valued at $8,823,232.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael R. Spychala sold 6,935 shares of the company’s stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $172.73, for a total transaction of $1,197,882.55. Following the completion of the transaction, the vice president now owns 51,622 shares in the company, valued at $8,916,668.06. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 29,000 shares of company stock worth $2,710 and have sold 92,427 shares worth $17,033,174. Insiders own 3.18% of the company’s stock.
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M&T Bank Company Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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