California Public Employees Retirement System Has $55.46 Million Stake in M&T Bank Co. (NYSE:MTB)

California Public Employees Retirement System reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 295,008 shares of the financial services provider’s stock after selling 3,658 shares during the period. California Public Employees Retirement System owned 0.18% of M&T Bank worth $55,464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of M&T Bank by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after purchasing an additional 66,337 shares during the period. Norges Bank purchased a new position in M&T Bank in the fourth quarter valued at approximately $317,690,000. Finally, Amundi lifted its stake in M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research note on Friday, March 28th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Compass Point lifted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $218.79.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 1.4 %

Shares of NYSE:MTB opened at $176.31 on Wednesday. The firm has a market capitalization of $28.97 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a 50 day moving average price of $188.64 and a 200-day moving average price of $192.95. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the business earned $2.74 earnings per share. As a group, equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.06%. The ex-dividend date was Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.