South Dakota Investment Council Sells 7,600 Shares of M&T Bank Co. (NYSE:MTB)

South Dakota Investment Council trimmed its stake in shares of M&T Bank Co. (NYSE:MTB) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,563 shares of the financial services provider’s stock after selling 7,600 shares during the period. South Dakota Investment Council owned about 0.05% of M&T Bank worth $11,729,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Burns J W & Co. Inc. NY raised its holdings in shares of M&T Bank by 1.3% during the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock worth $827,000 after acquiring an additional 80 shares during the period. Robinson Value Management Ltd. raised its holdings in shares of M&T Bank by 0.3% during the third quarter. Robinson Value Management Ltd. now owns 33,542 shares of the financial services provider’s stock worth $4,241,000 after acquiring an additional 85 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of M&T Bank by 41.7% during the third quarter. Sunbelt Securities Inc. now owns 340 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 100 shares during the period. CI Investments Inc. raised its holdings in shares of M&T Bank by 2.9% during the third quarter. CI Investments Inc. now owns 3,722 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 104 shares during the period. Finally, Steamboat Capital Partners LLC increased its stake in M&T Bank by 1.9% in the 3rd quarter. Steamboat Capital Partners LLC now owns 5,823 shares of the financial services provider’s stock valued at $736,000 after buying an additional 109 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MTB shares. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research note on Tuesday, April 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a research note on Tuesday, April 16th. Morgan Stanley lifted their price target on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Jefferies Financial Group lowered their price target on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Finally, Evercore ISI lifted 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 note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $158.48.

Insider Activity

In other news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Doris P. Meister sold 1,675 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the transaction, the executive vice president now owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,119 shares of company stock worth $5,341,012. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

NYSE MTB traded up $1.14 during trading on Tuesday, reaching $146.83. The company’s stock had a trading volume of 727,096 shares, compared to its average volume of 1,204,573. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $24.46 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 1.19 and a beta of 0.80. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $148.23. The firm has a 50 day moving average price of $140.42 and a 200 day moving average price of $133.43.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period in the prior year, the firm earned $4.09 EPS. As a group, equities analysts anticipate that M&T Bank Co. will post 13.98 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is presently 35.16%.

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.