Kentucky Retirement Systems Sells 661 Shares of M&T Bank Co. (NYSE:MTB)

Kentucky Retirement Systems trimmed its stake in M&T Bank Co. (NYSE:MTB) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,618 shares of the financial services provider’s stock after selling 661 shares during the period. Kentucky Retirement Systems’ holdings in M&T Bank were worth $1,835,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MTB. Massachusetts Financial Services Co. MA increased its position in shares of M&T Bank by 0.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after purchasing an additional 4,419 shares during the last quarter. Norges Bank purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $232,322,000. Dimensional Fund Advisors LP lifted its holdings in shares of M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after acquiring an additional 100,008 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of M&T Bank by 8.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. DA Davidson upped their price target on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Royal Bank of Canada raised their price target on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Jefferies Financial Group boosted their price objective on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Wells Fargo & Company increased their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 16th. Finally, StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $170.35.

M&T Bank Stock Up 0.8 %

Shares of MTB stock traded up $1.39 during midday trading on Friday, reaching $174.90. 980,508 shares of the stock were exchanged, compared to its average volume of 1,049,592. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44. The firm has a market cap of $29.18 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 3.52 and a beta of 0.77. The company’s 50 day moving average is $152.34 and its two-hundred day moving average is $145.01. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the prior year, the firm earned $5.12 earnings per share. On average, equities research analysts predict that M&T Bank Co. will post 14.18 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a dividend of $1.35 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Buying and Selling

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the transaction, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John P. Barnes sold 13,360 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $147.00, for a total value of $1,963,920.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,215,560. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The disclosure for this sale can be found here. Insiders have sold 87,415 shares of company stock valued at $13,285,139 over the last quarter. Corporate insiders own 0.82% of the company’s stock.

About M&T Bank

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.