Teachers Retirement System of The State of Kentucky Sells 693 Shares of M&T Bank Co. (NYSE:MTB)

Teachers Retirement System of The State of Kentucky decreased its position in M&T Bank Co. (NYSE:MTB) by 5.2% during the 3rd quarter, Holdings Channel reports. The firm owned 12,763 shares of the financial services provider’s stock after selling 693 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in M&T Bank were worth $2,273,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd grew its holdings in 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 acquiring an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank during the third quarter worth about $32,000. Hexagon Capital Partners LLC grew its stake in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 158 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in M&T Bank during the 3rd quarter valued at approximately $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $199.29 on Monday. The company has a market capitalization of $33.07 billion, a PE ratio of 14.75, a PEG ratio of 2.83 and a beta of 0.76. The business has a fifty day moving average price of $203.04 and a 200-day moving average price of $176.11. M&T Bank Co. has a 1-year low of $128.31 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, equities analysts expect that M&T Bank Co. will post 14.63 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.71%. M&T Bank’s payout ratio is currently 39.97%.

Insider Activity at M&T Bank

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. This trade represents a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 84,994 shares of company stock valued at $17,211,278. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MTB. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Evercore ISI lifted their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. Finally, DA Davidson boosted their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $211.58.

M&T Bank 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.