M&T Bank Corporation $MTB Stock: Illinois Municipal Retirement Fund Grows Position

Illinois Municipal Retirement Fund increased its stake in M&T Bank Corporation (NYSE:MTB) by 114.4% in the third quarter, HoldingsChannel reports. The fund owned 34,289 shares of the financial services provider’s stock after purchasing an additional 18,298 shares during the period. Illinois Municipal Retirement Fund’s holdings in M&T Bank were worth $7,461,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in M&T Bank in the 2nd quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of M&T Bank by 2.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after buying an additional 26,486 shares during the last quarter. Davis Asset Management L.P. bought a new stake in M&T Bank in the second quarter valued at $97,584,000. Hsbc Holdings PLC grew its holdings in shares of M&T Bank by 18.9% during the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after acquiring an additional 62,877 shares during the period. Finally, Amundi raised its holdings in M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after purchasing an additional 27,795 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Down 0.1%

Shares of M&T Bank stock opened at $219.87 on Friday. The company’s fifty day simple moving average is $223.24 and its 200-day simple moving average is $225.39. The stock has a market capitalization of $31.54 billion, a PE ratio of 11.48, a P/E/G ratio of 1.27 and a beta of 0.64. M&T Bank Corporation has a 1-year low of $179.75 and a 1-year high of $255.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last announced its earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same period last year, the firm earned $4.82 EPS. As a group, equities analysts anticipate that M&T Bank Corporation will post 19.48 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were paid a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio (DPR) is 31.32%.

Insider Activity

In related news, CEO Rene F. Jones sold 19,396 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MTB shares. Wolfe Research cut M&T Bank from a “peer perform” rating to an “underperform” rating and set a $198.00 target price on the stock. in a research note on Tuesday, October 27th. Raymond James Financial started coverage on shares of M&T Bank in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $250.00 target price for the company. Keefe, Bruyette & Woods increased their price target on M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday, July 16th. TD Cowen started coverage on M&T Bank in a report on Thursday, October 8th. They set a “hold” rating and a $245.00 price target on the stock. Finally, Deutsche Bank lowered M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price objective for the company. in a report on Thursday, July 23rd. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $244.89.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.