Kentucky Retirement Systems Lowers Position in M&T Bank Co. (NYSE:MTB)

Kentucky Retirement Systems decreased its position in M&T Bank Co. (NYSE:MTB) by 7.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,634 shares of the financial services provider’s stock after selling 940 shares during the quarter. Kentucky Retirement Systems’ holdings in M&T Bank were worth $2,072,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall Wace LLP lifted its position in shares of M&T Bank by 232.1% during the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after buying an additional 472,997 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the last quarter. Canoe Financial LP lifted its stake in shares of M&T Bank by 29.4% during the 3rd quarter. Canoe Financial LP now owns 588,302 shares of the financial services provider’s stock valued at $103,200,000 after buying an additional 133,748 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of M&T Bank by 17,784.1% in the third quarter. International Assets Investment Management LLC now owns 110,166 shares of the financial services provider’s stock worth $19,623,000 after acquiring an additional 109,550 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in M&T Bank by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after purchasing an additional 93,113 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In related news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. This represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,383 shares of company stock valued at $13,576,801. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTB. Evercore ISI raised their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Morgan Stanley boosted their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Barclays lifted their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, Bank of America raised their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Trading Up 0.7 %

MTB opened at $214.74 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $35.63 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 3.02 and a beta of 0.74. The business has a 50 day simple moving average of $187.11 and a two-hundred day simple moving average of $167.36. M&T Bank Co. has a one year low of $123.37 and a one year high of $216.84.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. Analysts predict that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is currently 39.97%.

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.