State of Tennessee Department of Treasury Sells 2,746 Shares of M&T Bank Co. (NYSE:MTB)

State of Tennessee Department of Treasury reduced its position in M&T Bank Co. (NYSE:MTB - Free Report) by 4.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 62,601 shares of the financial services provider's stock after selling 2,746 shares during the period. State of Tennessee Department of Treasury's holdings in M&T Bank were worth $11,770,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its position in shares of M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after buying an additional 2,018 shares during the period. Flagship Harbor Advisors LLC grew its position in shares of M&T Bank by 89.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after acquiring an additional 1,295 shares in the last quarter. US Bancorp DE boosted its holdings in shares of M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock valued at $1,576,000 after buying an additional 1,639 shares during the period. Summit Trail Advisors LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC bought a new position in shares of M&T Bank during the fourth quarter worth about $297,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Up 0.3 %

NYSE:MTB traded up $0.45 during trading hours on Tuesday, reaching $169.17. The company's stock had a trading volume of 172,030 shares, compared to its average volume of 1,116,131. The business's 50-day moving average is $173.21 and its 200-day moving average is $190.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a one year low of $139.78 and a one year high of $225.70. The company has a market cap of $27.79 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the firm earned $3.09 earnings per share. Equities research analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.19%. M&T Bank's payout ratio is presently 36.17%.

M&T Bank declared that its board has initiated a stock buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. DA Davidson cut their price target on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Morgan Stanley decreased their price target on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Robert W. Baird cut their price objective on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Evercore ISI cut their target price on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $208.24.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company's 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 transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by insiders.

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.