M&T Bank Corporation (NYSE:MTB) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 147,036 shares of the financial services provider's stock after selling 5,366 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of M&T Bank worth $26,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MTB. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank during the fourth quarter valued at approximately $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter worth approximately $38,000. Grove Bank & Trust raised its stake in M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in M&T Bank in the 1st quarter valued at $46,000. Finally, Loomis Sayles & Co. L P purchased a new position in M&T Bank in the 4th quarter valued at $52,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Up 1.3%

Shares of MTB stock traded up $2.52 during trading hours on Friday, hitting $202.58. The company had a trading volume of 838,320 shares, compared to its average volume of 1,188,657. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $32.52 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.45 and a beta of 0.63. The company's fifty day moving average is $182.73 and its 200 day moving average is $183.61. M&T Bank Corporation has a fifty-two week low of $145.82 and a fifty-two week high of $225.70.

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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company 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 earned $3.09 EPS. Research analysts expect 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 disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid 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 dividend payout ratio is currently 36.17%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTB. Barclays dropped their target price on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a report on Tuesday, April 15th. Citigroup upped their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday. Wells Fargo & Company cut their price objective on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Finally, DA Davidson dropped their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. One investment 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. According to MarketBeat, M&T Bank currently has an average rating of "Moderate Buy" and a consensus target price of $211.48.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.53% of the company's stock.

M&T Bank Company Profile

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.