M&T Bank Co. (NYSE:MTB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in M&T Bank Co. (NYSE:MTB) by 7.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 189,070 shares of the financial services provider’s stock after selling 15,818 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of M&T Bank worth $25,918,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of MTB. Invesco Ltd. lifted its position in M&T Bank by 15.5% in the third quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock valued at $612,138,000 after buying an additional 650,796 shares during the last quarter. Smead Capital Management Inc. purchased a new stake in M&T Bank during the fourth quarter worth about $59,418,000. LSV Asset Management increased its stake in M&T Bank by 63.5% during the third quarter. LSV Asset Management now owns 1,108,552 shares of the financial services provider’s stock worth $140,176,000 after purchasing an additional 430,356 shares during the period. Massachusetts Financial Services Co. MA increased its stake in M&T Bank by 29.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock worth $218,308,000 after purchasing an additional 393,116 shares during the period. Finally, Senvest Management LLC increased its stake in M&T Bank by 279.6% during the third quarter. Senvest Management LLC now owns 426,700 shares of the financial services provider’s stock worth $53,956,000 after purchasing an additional 314,300 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $146.38 on Friday. The firm has a market capitalization of $24.39 billion, a P/E ratio of 9.90, a P/E/G ratio of 1.23 and a beta of 0.80. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $148.93. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $141.00 and its two-hundred day moving average is $133.77.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter in the prior year, the company earned $4.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 13.92 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were issued a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is currently 35.16%.

Insider Activity

In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the sale, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the sale, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,119 shares of company stock valued at $5,341,012. 0.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MTB shares. Barclays boosted their price target on shares of M&T Bank from $150.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Wedbush reiterated an “outperform” rating and set a $170.00 price target on shares of M&T Bank in a research note on Wednesday, April 10th. Bank of America boosted their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Jefferies Financial Group cut their price target on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Thursday. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $158.48.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.