Public Employees Retirement System of Ohio Trims Holdings in M&T Bank Corporation $MTB

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in M&T Bank Corporation by 4.4% during the second quarter, now owning 52,610 shares valued at approximately $10.2 million.
• M&T Bank's quarterly dividend has been increased to $1.50 per share, representing an annualized yield of 3.0%, payable on September 30th.
• M&T Bank has received various analyst ratings, with an average price target of $214.53 and most analysts rating it as a Moderate Buy.

Public Employees Retirement System of Ohio reduced its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,610 shares of the financial services provider's stock after selling 2,409 shares during the quarter. Public Employees Retirement System of Ohio's holdings in M&T Bank were worth $10,206,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. Two Sigma Advisers LP acquired a new stake in shares of M&T Bank during the 4th quarter valued at approximately $982,000. Wealth Enhancement Advisory Services LLC raised its position in shares of M&T Bank by 100.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 32,686 shares of the financial services provider's stock valued at $6,145,000 after acquiring an additional 16,380 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in M&T Bank by 4.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 4,585 shares of the financial services provider's stock worth $820,000 after buying an additional 185 shares during the period. Marcum Wealth LLC increased its position in M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock worth $220,000 after buying an additional 57 shares during the period. Finally, Versant Capital Management Inc increased its position in M&T Bank by 94.7% in the first quarter. Versant Capital Management Inc now owns 1,067 shares of the financial services provider's stock worth $191,000 after buying an additional 519 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock valued at $3,734,612 in the last three months. Corporate insiders own 0.53% of the company's stock.

M&T Bank Trading Up 0.7%

Shares of NYSE MTB opened at $200.21 on Friday. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70. The firm has a market capitalization of $31.29 billion, a PE ratio of 12.97, a PEG ratio of 0.98 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average price of $195.45 and a two-hundred day moving average price of $185.15.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the company posted $3.73 EPS. As a group, analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. This is a boost from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio is 38.86%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MTB. Cantor Fitzgerald began coverage on M&T Bank in a report on Wednesday, September 10th. They set an "overweight" rating and a $228.00 price target on the stock. Citigroup raised their target price on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. DA Davidson raised their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Jefferies Financial Group lifted their target price on shares of M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Finally, Morgan Stanley raised their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, M&T Bank currently has an average rating of "Moderate Buy" and an average price target of $214.53.

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.

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