Teachers Retirement System of The State of Kentucky purchased a new position in shares of M&T Bank Co. (NYSE:MTB – Get Rating) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 54,206 shares of the financial services provider’s stock, valued at approximately $9,557,000.
Other hedge funds have also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. boosted its holdings in M&T Bank by 712.5% during the second quarter. SRS Capital Advisors Inc. now owns 195 shares of the financial services provider’s stock worth $31,000 after buying an additional 171 shares in the last quarter. Ronald Blue Trust Inc. lifted its holdings in M&T Bank by 148.9% during the third quarter. Ronald Blue Trust Inc. now owns 219 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 131 shares in the last quarter. Private Trust Co. NA purchased a new position in M&T Bank during the second quarter valued at $40,000. CI Investments Inc. lifted its holdings in M&T Bank by 887.5% during the third quarter. CI Investments Inc. now owns 237 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 213 shares in the last quarter. Finally, Riverview Trust Co lifted its holdings in M&T Bank by 219.3% during the third quarter. Riverview Trust Co now owns 265 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 182 shares in the last quarter. 84.10% of the stock is owned by hedge funds and other institutional investors.
M&T Bank Price Performance
M&T Bank stock opened at $127.56 on Friday. M&T Bank Co. has a 12-month low of $120.40 and a 12-month high of $193.42. The stock has a market cap of $21.44 billion, a P/E ratio of 11.07, a PEG ratio of 0.64 and a beta of 0.82. The company has a 50-day moving average price of $151.13 and a 200 day moving average price of $162.35. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17.
M&T Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Monday, March 6th will be given a dividend of $1.30 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.20. This represents a $5.20 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Friday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 45.14%.
Analyst Ratings Changes
MTB has been the topic of several recent analyst reports. Morgan Stanley decreased their price objective on shares of M&T Bank from $225.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, January 23rd. Wells Fargo & Company decreased their price objective on shares of M&T Bank from $175.00 to $165.00 and set an “equal weight” rating on the stock in a report on Thursday, December 8th. DA Davidson initiated coverage on shares of M&T Bank in a report on Wednesday, December 21st. They set a “neutral” rating and a $160.00 price objective on the stock. Keefe, Bruyette & Woods downgraded shares of M&T Bank from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $215.00 to $180.00 in a report on Tuesday, December 6th. Finally, Citigroup increased their price objective on shares of M&T Bank from $160.00 to $178.00 and gave the company a “neutral” rating in a report on Wednesday, February 22nd. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $182.18.
About M&T Bank
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.
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