State of Alaska Department of Revenue Has $3.46 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

State of Alaska Department of Revenue increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.9% in the third quarter, Holdings Channel.com reports. The firm owned 19,399 shares of the financial services provider’s stock after buying an additional 1,255 shares during the quarter. State of Alaska Department of Revenue’s holdings in M&T Bank were worth $3,455,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MTB. Fidelis Capital Partners LLC acquired a new position in M&T Bank during the 1st quarter worth approximately $30,000. Hexagon Capital Partners LLC increased its position in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares in the last quarter. Oakworth Capital Inc. acquired a new position in M&T Bank during the 2nd quarter worth approximately $35,000. nVerses Capital LLC acquired a new position in M&T Bank during the 3rd quarter worth approximately $53,000. Finally, Versant Capital Management Inc grew its holdings in M&T Bank by 82.7% during the 2nd quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 201 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other M&T Bank news, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $195.03, for a total value of $280,063.08. Following the transaction, the executive vice president now directly owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,234 shares of company stock worth $12,190,627. 0.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Citigroup boosted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Evercore ISI boosted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $198.76.

M&T Bank Trading Up 0.9 %

NYSE:MTB opened at $197.49 on Thursday. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $32.95 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 2.75 and a beta of 0.75. The firm has a fifty day simple moving average of $178.22 and a two-hundred day simple moving average of $161.98. M&T Bank Co. has a 12 month low of $111.08 and a 12 month high of $200.94.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

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.