California Public Employees Retirement System Sells 1,250 Shares of M&T Bank Co. (NYSE:MTB)

California Public Employees Retirement System reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 0.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 314,361 shares of the financial services provider’s stock after selling 1,250 shares during the period. California Public Employees Retirement System’s holdings in M&T Bank were worth $43,093,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Lee Danner & Bass Inc. boosted its position in shares of M&T Bank by 8.2% during the fourth quarter. Lee Danner & Bass Inc. now owns 28,954 shares of the financial services provider’s stock worth $3,969,000 after acquiring an additional 2,204 shares during the last quarter. Keeler Thomas Management LLC raised its position in shares of M&T Bank by 7.6% in the 4th quarter. Keeler Thomas Management LLC now owns 26,624 shares of the financial services provider’s stock valued at $3,650,000 after purchasing an additional 1,883 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in M&T Bank by 1.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,345 shares of the financial services provider’s stock worth $2,103,000 after buying an additional 293 shares during the last quarter. Signaturefd LLC increased its holdings in shares of M&T Bank by 7.8% during the 4th quarter. Signaturefd LLC now owns 1,648 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 119 shares in the last quarter. Finally, abrdn plc grew its stake in M&T Bank by 78.0% in the 4th quarter. abrdn plc now owns 72,860 shares of the financial services provider’s stock valued at $9,988,000 after acquiring an additional 31,930 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MTB. Evercore ISI boosted their price target on shares of M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. DA Davidson reaffirmed a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. Barclays increased their price objective on M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Piper Sandler cut their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Friday, January 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a research report on Wednesday, April 10th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $158.48.

Insiders Place Their Bets

In other news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the transaction, the executive vice president now owns 7,274 shares of the company’s stock, valued at $962,350.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the sale, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Doris P. Meister sold 3,961 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $143.60, for a total value of $568,799.60. Following the sale, the executive vice president now owns 5,000 shares of the company’s stock, valued at $718,000. The disclosure for this sale can be found here. Insiders have sold a total of 37,119 shares of company stock valued at $5,341,012 over the last 90 days. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Down 0.4 %

NYSE MTB opened at $146.38 on Friday. The stock has a fifty day moving average of $141.00 and a 200-day moving average of $133.77. The stock has a market capitalization of $24.39 billion, a P/E ratio of 9.90, a price-to-earnings-growth ratio of 1.24 and a beta of 0.80. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $148.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the prior year, the firm posted $4.09 earnings per share. On average, equities research analysts forecast that M&T Bank Co. will post 13.92 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio is currently 35.16%.

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.