Strs Ohio Has $17.74 Million Stock Position in M&T Bank Corporation $MTB

Key Points

• Strs Ohio trimmed its M&T Bank stake by 19.2% in the first quarter, selling 20,450 shares and leaving it with 85,832 shares valued at about $17.74 million.
• Insider selling and analyst sentiment were mixed. EVP Christopher E. Kay sold 3,105 shares, while analysts currently rate the stock a consensus "Hold" with an average price target of $236.
• M&T Bank reported solid fundamentals and shareholder returns, including first-quarter EPS of $4.18 versus $4.02 expected, a new $5 billion stock buyback authorization, and a quarterly dividend of $1.50 per share.

Strs Ohio reduced its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,832 shares of the financial services provider's stock after selling 20,450 shares during the period. Strs Ohio owned about 0.06% of M&T Bank worth $17,743,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Triumph Capital Management acquired a new position in M&T Bank in the 3rd quarter worth approximately $32,000. Elyxium Wealth LLC acquired a new stake in M&T Bank during the 4th quarter valued at $33,000. Ameriflex Group Inc. raised its stake in M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 84 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of M&T Bank by 38.7% in the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 60 shares in the last quarter. Finally, Hoese & Co LLP purchased a new stake in shares of M&T Bank in the fourth quarter valued at $50,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity

In related news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares of the company's stock, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.44% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MTB shares. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Saturday, June 20th. Cantor Fitzgerald decreased their price objective on M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a research report on Friday, April 17th. Morgan Stanley raised their price objective on M&T Bank from $245.00 to $253.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Piper Sandler lifted their target price on M&T Bank from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Finally, DA Davidson upped their target price on M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $236.00.

M&T Bank Trading Down 0.0%

NYSE MTB opened at $238.85 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $243.57. The firm's fifty day simple moving average is $220.63 and its 200-day simple moving average is $216.35. The company has a market capitalization of $34.98 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the firm earned $3.32 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 18.8 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a stock buyback program on Tuesday, March 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 16.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, June 1st. M&T Bank's payout ratio is currently 33.59%.

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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