New York State Teachers Retirement System Sells 3,250 Shares of M&T Bank Co. (NYSE:MTB)

New York State Teachers Retirement System decreased its holdings in M&T Bank Co. (NYSE:MTB) by 2.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 152,402 shares of the financial services provider’s stock after selling 3,250 shares during the quarter. New York State Teachers Retirement System’s holdings in M&T Bank were worth $28,653,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MTB. Plato Investment Management Ltd increased its position in shares of M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank during the 3rd quarter valued at approximately $32,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 158 shares in the last quarter. Y.D. More Investments Ltd boosted its holdings in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the 3rd quarter worth $44,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of MTB opened at $198.75 on Friday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The firm has a market capitalization of $32.98 billion, a PE ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company’s 50-day moving average is $195.59 and its 200-day moving average is $188.80. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the business posted $2.74 EPS. Equities analysts forecast that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank declared that its board has approved a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on MTB. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Compass Point lifted their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods raised their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $221.68.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,611 shares of company stock worth $5,354,777 over the last ninety days. Insiders own 0.82% of the company’s stock.

M&T Bank Company 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.