M&T Bank Corporation $MTB Shares Sold by Strs Ohio

Key Points

• Strs Ohio trimmed its stake in M&T by 15.5%, selling 19,462 shares and ending the quarter with 106,282 shares valued at $21.414 million, while institutional investors own about 84.68% of the stock.
• M&T's board authorized a $5.0 billion share repurchase plan (up to 16.7% of shares) and announced a quarterly dividend of $1.50 per share (annualized $6.00, yield 2.8%).
• The bank beat quarterly EPS estimates ($4.18 vs. $4.02) and carries a consensus analyst rating of "Hold" with an average target price of $235.32.

Strs Ohio lowered its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 15.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,282 shares of the financial services provider's stock after selling 19,462 shares during the quarter. Strs Ohio owned 0.07% of M&T Bank worth $21,414,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Ransom Advisory Ltd lifted its holdings in M&T Bank by 2.0% in the 4th quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider's stock worth $506,000 after buying an additional 50 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in M&T Bank by 3.3% in the 3rd quarter. Wedbush Securities Inc. now owns 2,171 shares of the financial services provider's stock worth $429,000 after buying an additional 70 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in M&T Bank by 4.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after buying an additional 71 shares in the last quarter. Westside Investment Management Inc. raised its stake in shares of M&T Bank by 61.8% in the 3rd quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 76 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of M&T Bank by 29.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 359 shares of the financial services provider's stock valued at $71,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $216.51 on Monday. The firm has a market cap of $32.26 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.10 and a beta of 0.59. The firm's 50-day simple moving average is $212.35 and its 200-day simple moving average is $206.16. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.88. M&T Bank Corporation has a 1 year low of $172.33 and a 1 year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm earned $3.32 EPS. Equities analysts forecast that M&T Bank Corporation will post 18.64 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank's dividend payout ratio is currently 33.59%.

Insider Activity at M&T Bank

In related news, EVP Michael A. Wisler sold 8,237 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the completion of the sale, the executive vice president owned 4,643 shares of the company's stock, valued at $1,037,617.64. This represents a 63.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Barnes sold 21,193 shares of the business's stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the sale, the director directly owned 15,142 shares of the company's stock, valued at approximately $3,571,240.70. This represents a 58.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 30,339 shares of company stock valued at $7,045,853 in the last quarter. Insiders own 0.44% of the company's stock.

Analyst Ratings Changes

MTB has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their target price on shares of M&T Bank from $185.00 to $205.00 and gave the company an "underweight" rating in a research note on Monday, January 5th. Bank of America restated a "neutral" rating and issued a $225.00 target price on shares of M&T Bank in a research note on Wednesday, January 7th. JPMorgan Chase & Co. cut their target price on shares of M&T Bank from $231.50 to $227.00 and set a "neutral" rating on the stock in a research note on Thursday. TD Cowen restated a "buy" rating on shares of M&T Bank in a research note on Wednesday, January 7th. Finally, The Goldman Sachs Group upped their target price on shares of M&T Bank from $231.00 to $235.00 and gave the company a "neutral" rating in a research note on Monday, April 6th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $235.32.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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