State of Michigan Retirement System Sells 1,300 Shares of M&T Bank Corporation $MTB

State of Michigan Retirement System reduced its stake in M&T Bank Corporation (NYSE:MTB) by 2.7% during the second quarter, HoldingsChannel.com reports. The firm owned 46,501 shares of the financial services provider’s stock after selling 1,300 shares during the quarter. State of Michigan Retirement System’s holdings in M&T Bank were worth $9,021,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in shares of M&T Bank in the 1st quarter worth approximately $25,000. WPG Advisers LLC bought a new stake in shares of M&T Bank in the 1st quarter worth approximately $25,000. Family Legacy Financial Solutions LLC bought a new stake in shares of M&T Bank in the 2nd quarter worth approximately $46,000. Cullen Frost Bankers Inc. boosted its position in shares of M&T Bank by 1,109.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 233 shares in the last quarter. Finally, Stone House Investment Management LLC bought a new stake in shares of M&T Bank in the 1st quarter worth approximately $66,000. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

Shares of MTB opened at $182.79 on Tuesday. The firm has a market cap of $28.09 billion, a PE ratio of 11.26, a P/E/G ratio of 0.87 and a beta of 0.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $192.59 and a two-hundred day simple moving average of $188.42. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share for the quarter. The business had revenue of $1.54 billion during the quarter. M&T Bank had a net margin of 20.91% and a return on equity of 10.62%. On average, equities analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a yield of 3.3%. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio (DPR) is presently 36.95%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Evercore ISI boosted their price target on M&T Bank from $222.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. DA Davidson boosted their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Weiss Ratings lowered shares of M&T Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Wells Fargo & Company boosted their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $217.76.

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.