Teacher Retirement System of Texas Makes New $294,000 Investment in M&T Bank Co. (NYSE:MTB)

Teacher Retirement System of Texas acquired a new stake in M&T Bank Co. (NYSE:MTB - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,562 shares of the financial services provider's stock, valued at approximately $294,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Townsquare Capital LLC acquired a new stake in M&T Bank during the 3rd quarter worth about $230,000. Captrust Financial Advisors grew its holdings in M&T Bank by 3.6% during the third quarter. Captrust Financial Advisors now owns 7,761 shares of the financial services provider's stock worth $1,382,000 after acquiring an additional 270 shares during the period. Benjamin Edwards Inc. purchased a new position in M&T Bank during the third quarter valued at approximately $1,074,000. Beacon Investment Advisory Services Inc. lifted its holdings in M&T Bank by 4.8% in the third quarter. Beacon Investment Advisory Services Inc. now owns 2,851 shares of the financial services provider's stock valued at $508,000 after acquiring an additional 130 shares during the period. Finally, Ascent Group LLC boosted its position in M&T Bank by 12.5% in the 3rd quarter. Ascent Group LLC now owns 15,566 shares of the financial services provider's stock worth $2,773,000 after purchasing an additional 1,728 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analyst Upgrades and Downgrades

MTB has been the subject of several recent research reports. Barclays lifted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Evercore ISI lowered their target price on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. DA Davidson raised their target price on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Morgan Stanley lowered their price target on 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. Finally, StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of "Hold" and a consensus target price of $215.97.

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Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $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 is available through this link. 0.53% of the stock is owned by insiders.

M&T Bank Trading Down 3.8 %

NYSE:MTB traded down $6.23 during trading hours on Friday, hitting $157.13. The company had a trading volume of 2,483,308 shares, compared to its average volume of 1,101,964. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company has a market cap of $25.82 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a 50-day moving average of $186.82 and a 200 day moving average of $192.80. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $2.74 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors 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 annualized dividend and a yield of 3.44%. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management 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.