Kentucky Retirement Systems Insurance Trust Fund Sells 438 Shares of M&T Bank Co. (NYSE:MTB)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 8.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,944 shares of the financial services provider’s stock after selling 438 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in M&T Bank were worth $881,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MTB. Empowered Funds LLC lifted its position in M&T Bank by 26.7% during the 1st quarter. Empowered Funds LLC now owns 2,204 shares of the financial services provider’s stock valued at $321,000 after purchasing an additional 465 shares during the period. Sei Investments Co. boosted its position in shares of M&T Bank by 0.7% in the 1st quarter. Sei Investments Co. now owns 52,092 shares of the financial services provider’s stock worth $7,578,000 after purchasing an additional 338 shares during the last quarter. Ontario Teachers Pension Plan Board grew its stake in shares of M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after purchasing an additional 3,739 shares during the period. Catalytic Wealth RIA LLC bought a new stake in M&T Bank in the first quarter valued at about $218,000. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of M&T Bank in the 1st quarter valued at approximately $370,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $214.74 on Monday. The business has a fifty day simple moving average of $187.11 and a 200 day simple moving average of $167.36. M&T Bank Co. has a twelve month low of $123.37 and a twelve month high of $216.84. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a market cap of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 3.02 and a beta of 0.74.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, sell-side analysts forecast that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.51%. M&T Bank’s dividend payout ratio is 39.97%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of M&T Bank stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the completion of the sale, the director now directly owns 29,796 shares in the company, valued at approximately $5,899,608. The trade was a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now directly owns 2,787 shares in the company, valued at approximately $596,696.70. This represents a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,383 shares of company stock worth $13,576,801. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of several research analyst reports. Morgan Stanley raised their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Evercore ISI increased their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. DA Davidson boosted their price target on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Barclays boosted their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and raised their price target for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.