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

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

Several other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its holdings in M&T Bank by 14.3% during the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after buying an additional 1,761,014 shares in the last quarter. Geode Capital Management LLC grew its stake in M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank purchased a new position in M&T Bank during the 4th quarter worth $317,690,000. Northern Trust Corp raised its position in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of M&T Bank by 2.1% in the 4th quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider's stock worth $301,892,000 after buying an additional 33,017 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. Truist Financial cut their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. DA Davidson lowered their target price on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird cut their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Evercore ISI decreased their price objective on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, M&T Bank presently has an average rating of "Moderate Buy" and an average target price of $211.48.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction on Thursday, June 12th. The shares were 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 approximately $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by insiders.

M&T Bank Stock Performance

MTB traded down $0.47 during trading on Wednesday, reaching $200.33. 1,033,704 shares of the company's stock were exchanged, compared to its average volume of 1,189,139. The company's fifty day simple moving average is $184.69 and its 200-day simple moving average is $183.83. The stock has a market capitalization of $32.16 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 1.45 and a beta of 0.63. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97. M&T Bank Corporation has a 1 year low of $148.27 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the business earned $3.09 EPS. As a group, research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.70%. M&T Bank's payout ratio is 36.17%.

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.