Strs Ohio Takes Position in M&T Bank Corporation $MTB

Key Points

• Strs Ohio acquired a new stake in M&T Bank Corporation, purchasing 165,405 shares valued at approximately $29.57 million, representing around 0.10% ownership of the bank.
• M&T Bank recently increased its quarterly dividend from $1.35 to $1.50 per share, marking a 3.0% yield based on the annualized dividend.
• Analysts have a consensus rating of "Moderate Buy" for M&T Bank, with an average price target of $214.31, reflecting confidence in the stock's performance.

Strs Ohio bought a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 165,405 shares of the financial services provider's stock, valued at approximately $29,566,000. Strs Ohio owned about 0.10% of M&T Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Jacobi Capital Management LLC raised its holdings in shares of M&T Bank by 1.1% in the first quarter. Jacobi Capital Management LLC now owns 8,136 shares of the financial services provider's stock valued at $1,454,000 after purchasing an additional 87 shares during the last quarter. Advisors Capital Management LLC lifted its holdings in M&T Bank by 1.6% during the first quarter. Advisors Capital Management LLC now owns 185,017 shares of the financial services provider's stock worth $33,072,000 after acquiring an additional 2,932 shares during the period. Geneos Wealth Management Inc. lifted its holdings in M&T Bank by 20.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,656 shares of the financial services provider's stock worth $296,000 after acquiring an additional 276 shares during the period. IFM Investors Pty Ltd lifted its holdings in M&T Bank by 5.3% during the first quarter. IFM Investors Pty Ltd now owns 29,775 shares of the financial services provider's stock worth $5,322,000 after acquiring an additional 1,503 shares during the period. Finally, Focus Partners Wealth lifted its holdings in M&T Bank by 3.8% during the first quarter. Focus Partners Wealth now owns 18,840 shares of the financial services provider's stock worth $3,368,000 after acquiring an additional 696 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MTB. Morgan Stanley lifted their price target on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Cantor Fitzgerald began coverage on M&T Bank in a report on Wednesday. They set an "overweight" rating and a $228.00 price target on the stock. Wells Fargo & Company lifted their price target on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Finally, TD Cowen initiated coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $214.31.

Insider Activity

In other news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction on Tuesday, July 22nd. The stock was 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 directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the transaction, the director owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,738 shares of company stock worth $3,734,612. 0.53% of the stock is owned by corporate insiders.

M&T Bank Stock Performance

Shares of MTB opened at $198.03 on Friday. The firm has a market cap of $30.95 billion, a PE ratio of 12.83, a PEG ratio of 0.97 and a beta of 0.67. The stock's fifty day moving average price is $195.55 and its two-hundred day moving average price is $183.82. 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 Corporation has a 1 year low of $150.75 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the previous year, the company posted $3.73 earnings per share. On average, equities research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

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

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.

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