Maryland State Retirement & Pension System Has $1.67 Million Position in M&T Bank Co. (NYSE:MTB)

Maryland State Retirement & Pension System reduced its stake in M&T Bank Co. (NYSE:MTB) by 6.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,873 shares of the financial services provider’s stock after selling 621 shares during the quarter. Maryland State Retirement & Pension System’s holdings in M&T Bank were worth $1,668,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MTB. Y.D. More Investments Ltd lifted its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the last quarter. Human Investing LLC acquired a new stake in M&T Bank in the 4th quarter worth approximately $44,000. Sierra Ocean LLC bought a new position in M&T Bank in the 4th quarter worth approximately $44,000. Principal Securities Inc. increased its position in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares during the period. Finally, Brooklyn Investment Group bought a new position in M&T Bank in the 3rd quarter worth approximately $91,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $178.19 on Friday. The business’s fifty day moving average price is $190.99 and its two-hundred day moving average price is $192.04. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The stock has a market capitalization of $29.27 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the business earned $2.74 EPS. As a group, analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has approved a share repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

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

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of several recent analyst reports. Piper Sandler lifted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Evercore ISI dropped their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Barclays lifted their price target on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $222.03.

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.