M&T Bank Corporation $MTB Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in M&T Bank Corporation by 7.9%, selling 4,345 shares in the first quarter, leaving it with 50,838 shares valued at $9,087,000.
• Several institutional investors increased their stakes in M&T Bank during the same period, with GAMMA Investing LLC raising its holdings by 18,471.2% and Nuveen LLC acquiring a new stake valued at $243,451,000.
• M&T Bank recently reported earnings of $4.28 per share, exceeding analysts' expectations, and announced a quarterly dividend of $1.35 per share with a yield of 2.8%.

State of New Jersey Common Pension Fund D cut its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 7.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,838 shares of the financial services provider's stock after selling 4,345 shares during the period. State of New Jersey Common Pension Fund D's holdings in M&T Bank were worth $9,087,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Marcum Wealth LLC increased its position in shares of M&T Bank by 4.9% during the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after acquiring an additional 57 shares during the last quarter. Forum Financial Management LP increased its position in shares of M&T Bank by 2.2% during the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after acquiring an additional 62 shares during the last quarter. Checchi Capital Advisers LLC increased its position in shares of M&T Bank by 4.4% during the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after acquiring an additional 67 shares during the last quarter. Investors Research Corp increased its position in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 70 shares during the last quarter. Finally, Mayflower Financial Advisors LLC increased its position in shares of M&T Bank by 3.9% during the first quarter. Mayflower Financial Advisors LLC now owns 1,876 shares of the financial services provider's stock valued at $335,000 after acquiring an additional 70 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Up 3.7%

Shares of MTB traded up $7.1850 during midday trading on Friday, reaching $199.6150. The stock had a trading volume of 695,739 shares, compared to its average volume of 1,251,215. The company has a market cap of $31.19 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.95 and a beta of 0.63. The company's fifty day simple moving average is $192.29 and its two-hundred day simple moving average is $183.63. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the company posted $3.73 earnings per share. Equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is presently 38.86%.

Insider Activity at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the sale, the director owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock valued at $1,967,346 over the last three months. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MTB shares. Cowen began coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective for the company in a report on Thursday, April 24th. Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a report on Monday, May 19th. Citigroup lifted their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Thirteen 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's stock. According to MarketBeat.com, M&T Bank has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank 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.