Kentucky Retirement Systems Sells 940 Shares of M&T Bank Co. (NYSE:MTB)

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

Several other institutional investors and hedge funds have also modified their holdings of MTB. Hedeker Wealth LLC raised its stake in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after buying an additional 55 shares during the period. Frank Rimerman Advisors LLC increased its holdings in M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after acquiring an additional 57 shares in the last quarter. Crestwood Advisors Group LLC raised its stake in M&T Bank by 1.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 57 shares during the period. Hexagon Capital Partners LLC raised its stake in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the period. Finally, Meitav Investment House Ltd. lifted its holdings in M&T Bank by 3.1% during the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

NYSE:MTB opened at $214.74 on Monday. 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 company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day simple moving average of $187.11 and a 200-day simple moving average of $167.36. M&T Bank Co. has a 1 year low of $123.37 and a 1 year high of $216.84.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $2.30 billion. Equities analysts forecast that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

MTB has been the topic of several recent analyst reports. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Morgan Stanley boosted their price objective on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. The Goldman Sachs Group upped their price objective on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. DA Davidson lifted their target price on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $199.65.

Insiders Place Their Bets

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at $1,095,678.54. The trade was a 20.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,383 shares of company stock valued at $13,576,801 over the last 90 days. Insiders own 0.82% of the company’s stock.

M&T Bank Company 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.