Kentucky Retirement Systems Sells 158 Shares of M&T Bank Co. (NYSE:MTB)

Kentucky Retirement Systems decreased its stake in M&T Bank Co. (NYSE:MTB) by 1.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 11,476 shares of the financial services provider’s stock after selling 158 shares during the quarter. Kentucky Retirement Systems’ holdings in M&T Bank were worth $2,158,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MTB. Plato Investment Management Ltd increased its holdings in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank in the 3rd quarter worth $32,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the last quarter. Y.D. More Investments Ltd increased its holdings in shares of M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of M&T Bank in the 3rd quarter worth $44,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 2.0 %

Shares of MTB opened at $193.48 on Friday. The stock has a market capitalization of $31.80 billion, a P/E ratio of 13.23, a PEG ratio of 1.38 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $195.09 and a two-hundred day simple moving average of $190.08. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 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 period in the previous year, the business posted $2.74 earnings per share. On average, research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 2.79%. M&T Bank’s dividend payout ratio is 36.91%.

M&T Bank declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MTB. Piper Sandler increased their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Wells Fargo & Company increased their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $221.68.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

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