M&T Bank Co. (NYSE:MTB) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lessened its stake in M&T Bank Co. (NYSE:MTB) by 8.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 63,328 shares of the financial services provider’s stock after selling 5,971 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in M&T Bank were worth $9,210,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in MTB. Massachusetts Financial Services Co. MA lifted its stake in M&T Bank by 0.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after buying an additional 4,419 shares in the last quarter. Norges Bank acquired a new stake in shares of M&T Bank in the fourth quarter worth approximately $232,322,000. Dimensional Fund Advisors LP increased its position in shares of M&T Bank by 7.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after purchasing an additional 100,008 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in M&T Bank by 8.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in M&T Bank by 7.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Trading Down 1.6 %

Shares of NYSE MTB traded down $2.72 during trading on Monday, reaching $172.18. The stock had a trading volume of 827,797 shares, compared to its average volume of 1,046,052. The business’s 50-day moving average price is $152.34 and its 200-day moving average price is $145.07. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $176.44. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The company has a market cap of $28.73 billion, a P/E ratio of 11.83, a PEG ratio of 3.52 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the previous year, the company posted $5.12 EPS. On average, equities research analysts predict that M&T Bank Co. will post 14.18 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the transaction, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of M&T Bank stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the sale, the director now directly owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 13,360 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $147.00, for a total transaction of $1,963,920.00. Following the completion of the transaction, the director now owns 35,480 shares in the company, valued at $5,215,560. The disclosure for this sale can be found here. Insiders have sold a total of 87,415 shares of company stock valued at $13,285,139 over the last 90 days. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Evercore ISI increased their target price on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Wells Fargo & Company boosted their target price on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 16th. Wedbush reaffirmed an “outperform” rating and issued a $170.00 price target on shares of M&T Bank in a report on Wednesday, April 10th. Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research note on Friday, July 19th. Finally, Piper Sandler upped their target price on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $170.35.

About M&T Bank

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.