State of New Jersey Common Pension Fund D Sells 31,058 Shares of M&T Bank Co. (NYSE:MTB)

State of New Jersey Common Pension Fund D lessened its position in M&T Bank Co. (NYSE:MTB) by 36.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,940 shares of the financial services provider’s stock after selling 31,058 shares during the period. State of New Jersey Common Pension Fund D’s holdings in M&T Bank were worth $8,316,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MTB. Norges Bank bought a new position in M&T Bank during the fourth quarter worth about $232,322,000. Bank of New York Mellon Corp increased its holdings in shares of M&T Bank by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after acquiring an additional 44,442 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of M&T Bank by 8.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after acquiring an additional 41,523 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased 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 worth $72,357,000 after acquiring an additional 35,692 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MTB shares. Morgan Stanley increased their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Bank of America raised their target price on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Jefferies Financial Group raised their target price on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Citigroup lifted their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $175.85.

Insider Activity

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,699 shares of company stock worth $5,115,349. Insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $168.88 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44. The firm has a market cap of $28.18 billion, a P/E ratio of 11.42, a P/E/G ratio of 3.32 and a beta of 0.76. The company’s 50-day moving average price is $165.07 and its two-hundred day moving average price is $152.23.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period last year, the company posted $5.12 EPS. On average, analysts anticipate that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.20%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

M&T Bank 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.