State of Alaska Department of Revenue Has $8.50 Million Stake in M&T Bank Co. (NYSE:MTB)

State of Alaska Department of Revenue reduced its holdings in M&T Bank Co. (NYSE:MTBGet Rating) by 11.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 53,336 shares of the financial services provider’s stock after selling 6,881 shares during the quarter. State of Alaska Department of Revenue’s holdings in M&T Bank were worth $8,500,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MTB. Riverview Trust Co acquired a new position in M&T Bank in the first quarter valued at approximately $27,000. Bank of New Hampshire acquired a new position in M&T Bank in the first quarter valued at approximately $34,000. Cordasco Financial Network acquired a new position in M&T Bank in the first quarter valued at approximately $34,000. J.W. Cole Advisors Inc. acquired a new position in M&T Bank in the first quarter valued at approximately $34,000. Finally, Tcwp LLC acquired a new position in M&T Bank in the first quarter valued at approximately $36,000. 82.24% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Down 2.0 %

M&T Bank stock opened at $182.85 on Monday. The company has a market cap of $32.81 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 0.81 and a beta of 0.88. M&T Bank Co. has a 1-year low of $131.42 and a 1-year high of $193.42. The company has a fifty day simple moving average of $178.12 and a 200 day simple moving average of $172.55. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13.

M&T Bank (NYSE:MTBGet Rating) last released its earnings results on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.10. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $2.05 billion. M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same quarter last year, the firm earned $3.45 earnings per share. Research analysts anticipate that M&T Bank Co. will post 15.21 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Wednesday, August 31st. M&T Bank’s dividend payout ratio is currently 44.61%.

M&T Bank announced that its board has initiated a share repurchase program on Tuesday, July 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Saturday. Wedbush upped their target price on shares of M&T Bank to $188.00 in a research note on Friday, July 22nd. TheStreet downgraded shares of M&T Bank from a “b” rating to a “c+” rating in a research note on Wednesday, July 20th. Jefferies Financial Group lowered their target price on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a research note on Monday, July 11th. Finally, Morgan Stanley upped their target price on shares of M&T Bank from $203.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, M&T Bank has an average rating of “Moderate Buy” and an average target price of $202.64.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP D Scott N. Warman sold 2,000 shares of the stock in a transaction on Friday, September 9th. The shares were sold at an average price of $188.55, for a total value of $377,100.00. Following the completion of the sale, the executive vice president now owns 8,349 shares in the company, valued at $1,574,203.95. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other M&T Bank news, Director Gary N. Geisel sold 533 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $189.34, for a total value of $100,918.22. Following the completion of the sale, the director now owns 17,740 shares in the company, valued at $3,358,891.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP D Scott N. Warman sold 2,000 shares of the stock in a transaction on Friday, September 9th. The shares were sold at an average price of $188.55, for a total transaction of $377,100.00. Following the completion of the sale, the executive vice president now owns 8,349 shares of the company’s stock, valued at approximately $1,574,203.95. The disclosure for this sale can be found here. Insiders sold a total of 30,656 shares of company stock worth $5,604,091 over the last quarter. 0.73% of the stock is currently owned by insiders.

M&T Bank Profile

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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