State of New Jersey Common Pension Fund D Acquires 243 Shares of M&T Bank Co. (NYSE:MTB)

State of New Jersey Common Pension Fund D grew its holdings in M&T Bank Co. (NYSE:MTB) by 0.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,183 shares of the financial services provider’s stock after buying an additional 243 shares during the period. State of New Jersey Common Pension Fund D’s holdings in M&T Bank were worth $10,375,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. FMR LLC grew its position in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp lifted its stake in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank in the 3rd quarter worth approximately $44,422,000. Charles Schwab Investment Management Inc. increased its position in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares during the last quarter. Finally, Sapient Capital LLC raised its holdings in M&T Bank by 9,754.9% during the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after buying an additional 182,417 shares during the period. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

MTB stock opened at $198.75 on Tuesday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The business has a 50-day moving average price of $195.59 and a 200 day moving average price of $189.02. The company has a market capitalization of $32.98 billion, a P/E ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the business earned $2.74 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,611 shares of company stock worth $5,354,777 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of several recent analyst reports. Barclays lifted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Compass Point lifted their price target 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. Wells Fargo & Company increased their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler increased their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.