Maryland State Retirement & Pension System Has $1.67 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

Maryland State Retirement & Pension System lessened its position in shares of M&T Bank Co. (NYSE:MTB) by 6.5% during the 4th quarter, HoldingsChannel reports. The fund owned 8,873 shares of the financial services provider’s stock after selling 621 shares during the quarter. Maryland State Retirement & Pension System’s holdings in M&T Bank were worth $1,668,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MTB. Empowered Funds LLC lifted its stake in shares of M&T Bank by 9.7% during the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 245 shares during the period. Pathstone Holdings LLC lifted its stake in M&T Bank by 0.7% in the third quarter. Pathstone Holdings LLC now owns 28,625 shares of the financial services provider’s stock valued at $5,099,000 after buying an additional 185 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in M&T Bank in the third quarter valued at about $1,564,000. Citizens Financial Group Inc. RI lifted its stake in M&T Bank by 28.5% in the third quarter. Citizens Financial Group Inc. RI now owns 1,894 shares of the financial services provider’s stock valued at $337,000 after buying an additional 420 shares during the period. Finally, Raymond James Trust N.A. lifted its stake in M&T Bank by 27.2% in the third quarter. Raymond James Trust N.A. now owns 3,065 shares of the financial services provider’s stock valued at $546,000 after buying an additional 656 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB opened at $178.19 on Friday. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The firm has a fifty day simple moving average of $190.99 and a 200 day simple moving average of $192.04. The stock has a market capitalization of $29.27 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 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 in the previous year, the business earned $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its board has initiated a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Truist Financial reissued a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Compass Point increased their target price 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. The Goldman Sachs Group increased their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Evercore ISI lowered their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $222.03.

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.