Retirement Systems of Alabama Sells 267 Shares of M&T Bank Corporation (NYSE:MTB)

Retirement Systems of Alabama cut its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,655 shares of the financial services provider’s stock after selling 267 shares during the period. Retirement Systems of Alabama’s holdings in M&T Bank were worth $6,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA acquired a new stake in M&T Bank in the 4th quarter valued at approximately $38,000. Grove Bank & Trust lifted its position in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 114 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in M&T Bank during the 4th quarter worth about $52,000. Finally, Investors Research Corp boosted its position in M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider’s stock valued at $53,000 after purchasing an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MTB has been the topic of several research analyst reports. Evercore ISI dropped their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. TD Cowen started coverage on M&T Bank in a research report on Thursday, May 15th. They set a “buy” rating and a $230.00 price target on the stock. Cowen initiated coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Wells Fargo & Company decreased their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, M&T Bank currently has a consensus rating of “Moderate Buy” and an average target price of $210.88.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director now directly owns 23,070 shares of the company’s stock, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

M&T Bank Trading Up 0.4%

Shares of MTB stock opened at $190.21 on Wednesday. M&T Bank Corporation has a 52-week low of $145.82 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50-day simple moving average of $177.93 and a two-hundred day simple moving average of $183.79. The company has a market capitalization of $30.53 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.37 and a beta of 0.62.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the company posted $3.09 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Monday, June 2nd. M&T Bank’s dividend payout ratio is currently 36.17%.

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.