Strs Ohio Makes New $29.57 Million Investment 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) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 165,405 shares of the financial services provider's stock, valued at approximately $29,566,000. Strs Ohio owned 0.10% of M&T Bank as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MTB. Wealth Preservation Advisors LLC bought a new stake in M&T Bank in the first quarter valued at $25,000. WPG Advisers LLC bought a new stake in M&T Bank in the first quarter valued at $25,000. Wood Tarver Financial Group LLC bought a new stake in M&T Bank in the fourth quarter valued at $29,000. Grove Bank & Trust increased its position in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after acquiring an additional 114 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new stake in shares of M&T Bank during the first quarter worth about $46,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction that occurred 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 completion of 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. In the last ninety days, insiders have 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 stock traded up $2.91 during trading on Wednesday, reaching $198.19. 245,558 shares of the company's stock traded hands, compared to its average volume of 1,210,377. The company has a market capitalization of $30.97 billion, a P/E ratio of 12.84, a PEG ratio of 0.96 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 firm's 50-day moving average is $195.28 and its 200 day moving average is $183.92. 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the company posted $3.73 EPS. Equities research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently declared 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio is currently 38.86%.

Analyst Ratings Changes

MTB has been the subject of several recent research reports. Citigroup boosted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Cantor Fitzgerald initiated coverage on shares of M&T Bank in a research report on Wednesday, September 10th. They set an "overweight" rating and a $228.00 target price for the company. Morgan Stanley boosted their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. DA Davidson boosted their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company boosted their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Fourteen 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $214.31.

About M&T Bank

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.