M&T Bank Co. (NYSE:MTB) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its position in M&T Bank Co. (NYSE:MTB) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,463 shares of the financial services provider’s stock after selling 343 shares during the quarter. Retirement Systems of Alabama’s holdings in M&T Bank were worth $6,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd grew its position in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank in the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC grew its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in M&T Bank during the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Wedbush upped their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada increased their price target on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Piper Sandler boosted their price objective 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. Finally, Citigroup cut shares of 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 report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $215.50.

M&T Bank Stock Down 5.1 %

M&T Bank stock opened at $186.15 on Thursday. The stock has a 50-day simple moving average of $204.00 and a 200-day simple moving average of $176.85. The company has a market capitalization of $30.89 billion, a P/E ratio of 13.78, a PEG ratio of 2.83 and a beta of 0.76. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Equities research analysts expect that M&T Bank Co. will post 14.63 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 Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insiders Place Their Bets

In related news, Director John P. Barnes sold 20,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the sale, the director now directly owns 49,960 shares of the company’s stock, valued at $9,690,741.20. This trade represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 84,994 shares of company stock valued at $17,211,278. Insiders own 0.82% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.