New York State Teachers Retirement System Sells 3,250 Shares of M&T Bank Co. (NYSE:MTB)

New York State Teachers Retirement System reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,402 shares of the financial services provider’s stock after selling 3,250 shares during the period. New York State Teachers Retirement System owned 0.09% of M&T Bank worth $28,653,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MTB. Asset Management One Co. Ltd. lifted its holdings in M&T Bank by 0.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,145 shares of the financial services provider’s stock worth $12,517,000 after buying an additional 460 shares during the period. Van ECK Associates Corp boosted its holdings in M&T Bank by 1,262.9% in the fourth quarter. Van ECK Associates Corp now owns 22,175 shares of the financial services provider’s stock valued at $4,169,000 after acquiring an additional 20,548 shares in the last quarter. Kentucky Trust Co bought a new stake in M&T Bank in the fourth quarter valued at $92,000. Stonebridge Financial Group LLC purchased a new position in M&T Bank during the 4th quarter valued at $150,000. Finally, Summit Trail Advisors LLC bought a new position in M&T Bank in the 4th quarter worth $290,000. 84.68% of the stock is owned by institutional investors.

Insider Transactions at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MTB. Barclays boosted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. The Goldman Sachs Group upped their target price on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Compass Point raised their target price on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Up 0.8 %

Shares of MTB stock opened at $198.75 on Friday. The stock has a market cap of $32.98 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $195.59 and a two-hundred day simple moving average of $188.80. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $2.74 earnings per share. On average, research analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its board has approved a stock buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.72%. M&T Bank’s payout ratio is 36.91%.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.