M&T Bank Co. (NYSE:MTB) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its position in M&T Bank Co. (NYSE:MTBGet Rating) by 1.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,724 shares of the financial services provider’s stock after selling 1,660 shares during the period. State Board of Administration of Florida Retirement System’s holdings in M&T Bank were worth $25,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. AIA Group Ltd lifted its stake in shares of M&T Bank by 118.8% in the 1st quarter. AIA Group Ltd now owns 361 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 196 shares during the period. CIBC Asset Management Inc raised its position in M&T Bank by 1.0% during the first quarter. CIBC Asset Management Inc now owns 12,187 shares of the financial services provider’s stock worth $2,066,000 after acquiring an additional 122 shares during the period. Anchor Capital Advisors LLC raised its position in shares of M&T Bank by 55.0% in the first quarter. Anchor Capital Advisors LLC now owns 536,223 shares of the financial services provider’s stock valued at $90,890,000 after buying an additional 190,378 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in shares of M&T Bank in the first quarter valued at about $263,000. Finally, KBC Group NV raised its position in shares of M&T Bank by 12.1% in the first quarter. KBC Group NV now owns 11,703 shares of the financial services provider’s stock valued at $1,984,000 after buying an additional 1,259 shares during the last quarter. 87.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on MTB. Wells Fargo & Company reduced their target price on shares of M&T Bank from $195.00 to $175.00 and set an “equal weight” rating for the company in a research report on Friday, July 1st. Morgan Stanley upped their price objective on shares of M&T Bank from $203.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, July 21st. Barclays dropped their price objective on shares of M&T Bank from $280.00 to $238.00 and set an “overweight” rating for the company in a report on Thursday, July 21st. Jefferies Financial Group dropped their price objective on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a report on Monday, July 11th. Finally, Robert W. Baird raised shares of M&T Bank from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $175.00 to $200.00 in a report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.71.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 2,200 shares of the stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares of the company’s stock, valued at $956,740.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Christopher E. Kay sold 2,200 shares of the stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares of the company’s stock, valued at $956,740.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 5,000 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $169.71, for a total transaction of $848,550.00. Following the sale, the insider now directly owns 39,008 shares in the company, valued at approximately $6,620,047.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,725 shares of company stock valued at $1,335,332. 0.73% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 1.9 %

Shares of MTB stock opened at $178.77 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 1.05. The firm has a market cap of $32.07 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 0.78 and a beta of 0.91. The company has a 50-day moving average of $167.16 and a two-hundred day moving average of $170.82. M&T Bank Co. has a 1-year low of $131.42 and a 1-year high of $186.95.

M&T Bank (NYSE:MTBGet Rating) last announced its earnings results on Wednesday, July 20th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $2.75 by ($1.67). M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. During the same quarter in the previous year, the business posted $3.45 EPS. On average, analysts predict that M&T Bank Co. will post 15.21 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $4.80 annualized dividend and a dividend yield of 2.69%. M&T Bank’s dividend payout ratio is presently 44.61%.

M&T Bank announced that its Board of Directors has authorized a stock buyback plan on Tuesday, July 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Profile

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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

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