State of Michigan Retirement System Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

State of Michigan Retirement System trimmed its position in shares of M&T Bank Co. (NYSE:MTB) by 2.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,801 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. State of Michigan Retirement System’s holdings in M&T Bank were worth $8,987,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in MTB. FMR LLC boosted its stake in M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp lifted its stake in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in M&T Bank during the third quarter worth about $44,422,000. Charles Schwab Investment Management Inc. grew its stake in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares in the last quarter. Finally, Sapient Capital LLC raised its holdings in M&T Bank by 9,754.9% in the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after acquiring an additional 182,417 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Piper Sandler raised their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Compass Point raised their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

MTB stock opened at $177.96 on Thursday. The business’s fifty day moving average price is $194.56 and its 200 day moving average price is $191.57. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The company has a market capitalization of $29.24 billion, a PE ratio of 12.16, a P/E/G ratio of 1.38 and a beta of 0.79. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results 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 previous year, the firm earned $2.74 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.03%. M&T Bank’s dividend payout ratio is presently 36.91%.

M&T Bank announced that its board has authorized a share repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

M&T Bank Company Profile

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.