State of Michigan Retirement System Cuts Position in M&T Bank Co. (NYSE:MTB)

State of Michigan Retirement System decreased its position in M&T Bank Co. (NYSE:MTB) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,801 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in M&T Bank were worth $8,987,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp grew its stake in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank in the third quarter valued at $44,422,000. Charles Schwab Investment Management Inc. raised its stake in M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares in the last quarter. Finally, Sapient Capital LLC lifted its holdings in M&T Bank by 9,754.9% during the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock worth $34,648,000 after buying an additional 182,417 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

M&T Bank stock opened at $177.96 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The business has a 50 day simple moving average of $194.56 and a 200-day simple moving average of $191.57. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a market capitalization of $29.24 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 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 quarter in the prior year, the company posted $2.74 earnings per share. Equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.03%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MTB shares. Truist Financial reissued a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Compass Point increased 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 report on Tuesday, December 10th. The Goldman Sachs Group boosted their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and a consensus price target of $221.68.

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.