Illinois Municipal Retirement Fund Cuts Position in M&T Bank Corporation (NYSE:MTB)

Illinois Municipal Retirement Fund lessened its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 71.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,724 shares of the financial services provider's stock after selling 17,047 shares during the period. Illinois Municipal Retirement Fund's holdings in M&T Bank were worth $1,202,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. QRG Capital Management Inc. lifted its holdings in shares of M&T Bank by 35.6% during the 4th quarter. QRG Capital Management Inc. now owns 2,675 shares of the financial services provider's stock valued at $503,000 after purchasing an additional 702 shares during the last quarter. Private Trust Co. NA lifted its holdings in shares of M&T Bank by 16.7% during the 4th quarter. Private Trust Co. NA now owns 553 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 79 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of M&T Bank by 33.8% during the 4th quarter. Fisher Asset Management LLC now owns 21,387 shares of the financial services provider's stock valued at $4,021,000 after purchasing an additional 5,408 shares during the last quarter. US Bancorp DE lifted its holdings in shares of M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock valued at $1,576,000 after purchasing an additional 1,639 shares during the last quarter. Finally, Metis Global Partners LLC lifted its holdings in shares of M&T Bank by 4.4% during the 4th quarter. Metis Global Partners LLC now owns 7,121 shares of the financial services provider's stock valued at $1,339,000 after purchasing an additional 299 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MTB. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. Robert W. Baird cut their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. DA Davidson cut their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $211.48.

M&T Bank Trading Up 1.3%

MTB traded up $2.52 during trading hours on Friday, reaching $202.58. The company's stock had a trading volume of 838,320 shares, compared to its average volume of 1,188,657. M&T Bank Corporation has a fifty-two week low of $145.82 and a fifty-two week high of $225.70. The stock has a market cap of $32.52 billion, a PE ratio of 13.57, a P/E/G ratio of 1.46 and a beta of 0.63. The business's 50-day moving average is $183.43 and its 200-day moving average is $183.66. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the company posted $3.09 earnings per share. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's payout ratio is 36.17%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is currently owned by insiders.

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.