California State Teachers Retirement System Acquires 50,277,032 Shares of M&T Bank Corporation $MTB

California State Teachers Retirement System lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 23,449.1% during the second quarter, Holdings Channel.com reports. The firm owned 50,491,441 shares of the financial services provider’s stock after acquiring an additional 50,277,032 shares during the quarter. California State Teachers Retirement System owned approximately 0.35% of M&T Bank worth $12,017,468,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. First Bancorp Inc ME bought a new stake in shares of M&T Bank in the second quarter worth $25,000. Bogart Wealth LLC raised its position in M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 84 shares during the last quarter. Triumph Capital Management bought a new position in M&T Bank during the 3rd quarter worth $32,000. Elyxium Wealth LLC acquired a new position in M&T Bank during the 4th quarter worth about $33,000. Finally, NBH Bank bought a new stake in shares of M&T Bank in the 2nd quarter valued at about $51,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTB. Jefferies Financial Group restated a “buy” rating and set a $300.00 price objective on shares of M&T Bank in a research report on Wednesday, July 15th. Morgan Stanley upgraded M&T Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $253.00 to $304.00 in a report on Tuesday. UBS Group increased their target price on shares of M&T Bank from $252.00 to $255.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft lowered shares of M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price target for the company. in a report on Thursday, July 23rd. Finally, Cantor Fitzgerald boosted their price target on shares of M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $255.97.

M&T Bank Stock Performance

MTB stock opened at $238.54 on Wednesday. The stock has a 50-day moving average price of $244.91 and a 200-day moving average price of $226.05. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $255.95. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.53. The firm has a market cap of $34.45 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.36 and a beta of 0.56.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the business earned $4.28 EPS. As a group, equities research analysts expect that M&T Bank Corporation will post 19.43 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank’s payout ratio is 31.68%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. This represents a 14.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.44% of the company’s stock.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.