Teacher Retirement System of Texas Raises Stock Holdings in M&T Bank Corporation (NYSE:MTB)

Teacher Retirement System of Texas boosted its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 1,453.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,266 shares of the financial services provider's stock after buying an additional 22,704 shares during the quarter. Teacher Retirement System of Texas' holdings in M&T Bank were worth $4,338,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the 4th quarter worth about $29,000. Banque Transatlantique SA purchased a new position in M&T Bank in the 4th quarter worth about $38,000. Grove Bank & Trust raised its position in M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in M&T Bank in the 1st quarter worth about $46,000. Finally, Loomis Sayles & Co. L P purchased a new position in M&T Bank in the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. TD Cowen assumed coverage on M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target for the company in a research report on Thursday, April 24th. Citigroup upped their price target on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Evercore ISI reduced their price target on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $211.48.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director directly owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

M&T Bank Price Performance

MTB stock traded up $0.16 during midday trading on Tuesday, hitting $200.83. The company's stock had a trading volume of 801,814 shares, compared to its average volume of 1,308,293. M&T Bank Corporation has a 12 month low of $146.77 and a 12 month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $32.24 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.46 and a beta of 0.63. The company has a 50 day moving average of $184.07 and a two-hundred day moving average of $183.71.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company earned $3.09 earnings per share. On average, analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.69%. M&T Bank's dividend payout ratio (DPR) is 36.17%.

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.