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

State of Michigan Retirement System raised its position in M&T Bank Co. (NYSE:MTB) by 0.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 49,001 shares of the financial services provider’s stock after buying an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in M&T Bank were worth $7,417,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at approximately $11,759,000. Signaturefd LLC boosted its stake in shares of M&T Bank by 7.8% in the 4th quarter. Signaturefd LLC now owns 1,648 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 119 shares in the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of M&T Bank by 8.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 12,541 shares of the financial services provider’s stock valued at $1,719,000 after purchasing an additional 1,013 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of M&T Bank by 4.3% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,155 shares of the financial services provider’s stock valued at $570,000 after purchasing an additional 170 shares in the last quarter. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at approximately $25,000. 84.68% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of M&T Bank stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The disclosure for this sale can be found here. Insiders sold 22,699 shares of company stock worth $3,395,049 in the last quarter. 0.82% of the stock is owned by corporate insiders.

M&T Bank Stock Up 0.1 %

Shares of NYSE MTB opened at $167.40 on Wednesday. The company has a market capitalization of $27.93 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $176.44. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The company’s 50 day moving average price is $159.36 and its 200-day moving average price is $149.18.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same quarter in the previous year, the company earned $5.12 EPS. Equities analysts forecast that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a $1.35 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.23%. M&T Bank’s dividend payout ratio is currently 36.51%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MTB shares. JPMorgan Chase & Co. raised their price target on shares of M&T Bank from $180.00 to $183.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Bank of America lifted their target price on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and an average price target of $173.85.

M&T Bank 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.