State of Michigan Retirement System Buys 400 Shares of M&T Bank Co. (NYSE:MTB)

State of Michigan Retirement System lifted its stake in shares of M&T Bank Co. (NYSE:MTBFree Report) by 0.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,801 shares of the financial services provider’s stock after acquiring an additional 400 shares during the period. State of Michigan Retirement System’s holdings in M&T Bank were worth $6,690,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MTB. Virtu Financial LLC grew its position in M&T Bank by 17,405.3% in the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after purchasing an additional 5,243,349 shares in the last quarter. Spring Creek Capital LLC grew its position in M&T Bank by 217.0% in the first quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock valued at $66,759,000 after purchasing an additional 2,286,251 shares in the last quarter. Norges Bank bought a new position in M&T Bank in the fourth quarter valued at $231,022,000. Goldman Sachs Group Inc. grew its position in M&T Bank by 76.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock valued at $71,171,000 after purchasing an additional 1,538,436 shares in the last quarter. Finally, Morgan Stanley grew its position in M&T Bank by 71.6% in the fourth quarter. Morgan Stanley now owns 2,986,977 shares of the financial services provider’s stock valued at $433,291,000 after purchasing an additional 1,246,265 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $139.05 on Thursday. The firm has a 50-day moving average of $139.46 and a 200-day moving average of $131.85. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $23.17 billion, a PE ratio of 8.81, a P/E/G ratio of 1.27 and a beta of 0.80. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23.

M&T Bank (NYSE:MTBGet Free Report) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.74 earnings per share for the quarter, missing the consensus estimate of $3.10 by ($0.36). M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. The business had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the firm earned $4.57 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 13.88 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is 32.95%.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction dated 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 owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The disclosure for this sale can be found here. Insiders sold 35,481 shares of company stock worth $5,114,624 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on MTB. Piper Sandler decreased their price objective on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 19th. UBS Group lifted their price objective on shares of M&T Bank from $139.00 to $154.00 in a research report on Wednesday, January 17th. Morgan Stanley lifted their price objective on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. DA Davidson reissued a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a research report on Wednesday, March 6th. Finally, StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $150.17.

Read Our Latest Stock Analysis on MTB

About M&T Bank

(Free Report)

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.

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

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