Teacher Retirement System of Texas Grows Stake in M&T Bank Corporation (NYSE:MTB)

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

A number of other hedge funds also recently modified their holdings of the stock. Wood Tarver Financial Group LLC purchased a new position in shares of M&T Bank in the fourth quarter valued at $29,000. Banque Transatlantique SA purchased a new position in shares of M&T Bank in the fourth quarter valued at $38,000. Grove Bank & Trust grew its position in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of M&T Bank in the first quarter valued at $46,000. Finally, Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank in the fourth quarter valued at $52,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 1.2%

Shares of M&T Bank stock traded down $2.38 during midday trading on Friday, hitting $201.67. The company had a trading volume of 1,004,391 shares, compared to its average volume of 1,190,117. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $32.37 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.45 and a beta of 0.63. The company has a 50 day moving average of $185.96 and a 200 day moving average of $184.04. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data 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 net margin of 19.86% and a return on equity of 10.18%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the company posted $3.09 earnings per share. On average, equities analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared 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. This represents a $5.40 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio is presently 36.17%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MTB shares. Deutsche Bank Aktiengesellschaft upgraded 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. Wells Fargo & Company reduced their price target on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Morgan Stanley lifted their price objective on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Citigroup lifted their price objective on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Piper Sandler dropped their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $211.48.

Insider Buying and Selling at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

M&T Bank Company 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.