1,562 Shares in M&T Bank Co. (NYSE:MTB) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas bought a new stake in M&T Bank Co. (NYSE:MTB) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,562 shares of the financial services provider’s stock, valued at approximately $294,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its stake in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC increased its position in shares of M&T Bank by 1.6% in the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after buying an additional 66,337 shares in the last quarter. Amundi increased its position in shares of M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after buying an additional 244,709 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in shares of M&T Bank by 1.9% during the 4th quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider’s stock worth $113,618,000 after buying an additional 11,365 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by insiders.

M&T Bank Stock Down 1.4 %

MTB opened at $176.31 on Wednesday. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a 50 day moving average price of $188.64 and a 200 day moving average price of $192.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a market cap of $28.97 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 earned $2.74 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

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

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MTB. Barclays increased their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Morgan Stanley lowered their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Evercore ISI dropped their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. DA Davidson upped their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $218.79.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.