State of Michigan Retirement System Acquires 100 Shares of M&T Bank Co. (NYSE:MTB)

State of Michigan Retirement System boosted its position in shares of M&T Bank Co. (NYSE:MTB) by 0.2% during the 1st quarter, HoldingsChannel reports. The firm owned 48,901 shares of the financial services provider’s stock after buying an additional 100 shares during the period. State of Michigan Retirement System’s holdings in M&T Bank were worth $7,112,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HHM Wealth Advisors LLC purchased a new position in M&T Bank during the 4th quarter worth $25,000. General Partner Inc. purchased a new position in M&T Bank during the 1st quarter worth $27,000. BKM Wealth Management LLC purchased a new position in M&T Bank during the 4th quarter worth $32,000. Headinvest LLC purchased a new position in M&T Bank during the 3rd quarter worth $29,000. Finally, CVA Family Office LLC purchased a new position in M&T Bank during the 4th quarter worth $33,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTB has been the topic of several research reports. Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Bank of America lifted their price target on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Evercore ISI upped their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Finally, Piper Sandler reissued an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $161.51.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,553 shares of company stock valued at $14,724,147. 0.82% of the stock is owned by company insiders.

M&T Bank Stock Up 1.3 %

Shares of M&T Bank stock traded up $1.91 during trading on Tuesday, reaching $151.73. The company’s stock had a trading volume of 790,326 shares, compared to its average volume of 1,043,653. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $25.32 billion, a price-to-earnings ratio of 10.26, a P/E/G ratio of 2.97 and a beta of 0.77. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The company has a 50-day simple moving average of $148.41 and a two-hundred day simple moving average of $142.06.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the previous year, the business earned $4.09 EPS. As a group, equities analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.56%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is currently 36.51%.

M&T Bank Company Profile

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.