Teachers Retirement System of The State of Kentucky decreased its holdings in M&T Bank Co. (NYSE:MTB) by 5.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,214 shares of the financial services provider’s stock after selling 4,461 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in M&T Bank were worth $12,860,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. Calton & Associates Inc. acquired a new position in M&T Bank in the 4th quarter worth about $178,000. NuWave Investment Management LLC acquired a new position in M&T Bank in the 4th quarter worth about $197,000. Savant Capital LLC acquired a new position in M&T Bank in the 4th quarter worth about $202,000. Shelton Capital Management acquired a new position in M&T Bank in the 4th quarter worth about $202,000. Finally, Tower Research Capital LLC TRC acquired a new position in M&T Bank in the 4th quarter worth about $204,000. 77.73% of the stock is owned by institutional investors.
Shares of M&T Bank Co. (NYSE:MTB) opened at $193.05 on Wednesday. M&T Bank Co. has a 52 week low of $141.12 and a 52 week high of $197.37. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $29,270.98, a P/E ratio of 22.22, a price-to-earnings-growth ratio of 1.24 and a beta of 0.88.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 5th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.55%. M&T Bank’s dividend payout ratio (DPR) is presently 34.52%.
M&T Bank announced that its board has initiated a share repurchase plan on Monday, February 5th that authorizes the company to repurchase $745.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts recently weighed in on the company. Jefferies Group reaffirmed a “buy” rating and issued a $201.00 price target on shares of M&T Bank in a report on Monday, January 8th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of M&T Bank in a report on Tuesday, February 6th. Zacks Investment Research cut M&T Bank from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Wedbush reaffirmed a “neutral” rating and issued a $186.00 price target (up previously from $180.00) on shares of M&T Bank in a report on Tuesday, February 6th. Finally, Vining Sparks reaffirmed a “buy” rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, January 8th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company. M&T Bank presently has an average rating of “Hold” and a consensus target price of $176.41.
In other news, COO Richard S. Gold sold 4,904 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $191.50, for a total value of $939,116.00. Following the completion of the sale, the chief operating officer now directly owns 44,888 shares in the company, valued at $8,596,052. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert J. Bojdak sold 1,062 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $195.17, for a total value of $207,270.54. Following the completion of the sale, the insider now owns 22,071 shares of the company’s stock, valued at $4,307,597.07. The disclosure for this sale can be found here. Insiders sold 72,137 shares of company stock valued at $13,578,138 over the last 90 days. Company insiders own 0.48% of the company’s stock.
M&T Bank Company Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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