Kentucky Retirement Systems Insurance Trust Fund Decreases Holdings in M&T Bank Co. (NYSE:MTB)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,612 shares of the financial services provider’s stock after selling 332 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in M&T Bank were worth $867,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. grew its holdings in M&T Bank by 34.7% during 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 acquiring an additional 2,018 shares during the period. Capital Performance Advisors LLP acquired a new stake in M&T Bank during the third quarter worth $44,000. Flagship Harbor Advisors LLC grew its stake in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after buying an additional 1,295 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares in the last quarter. Finally, Summit Trail Advisors LLC purchased a new position in M&T Bank in the fourth quarter valued at $290,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Evercore ISI boosted their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, DA Davidson boosted their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $221.68.

Insider Activity

In other news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,611 shares of company stock worth $5,354,777. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.9 %

MTB stock opened at $200.51 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company has a fifty day simple moving average of $195.30 and a 200 day simple moving average of $189.51. The firm has a market cap of $33.27 billion, a PE ratio of 13.71, a PEG ratio of 1.42 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 in the prior year, the business posted $2.74 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank declared that its board has approved a share buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.