Barings LLC maintained its stake in M&T Bank Corporation (NYSE:MTB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,341 shares of the bank’s stock at the end of the 2nd quarter. Barings LLC’s holdings in M&T Bank Corporation were worth $1,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of MTB. Oppenheimer Asset Management Inc. bought a new stake in shares of M&T Bank Corporation in the 1st quarter worth approximately $101,000. Dupont Capital Management Corp bought a new stake in shares of M&T Bank Corporation in the 2nd quarter worth approximately $140,000. QCI Asset Management Inc. NY boosted its position in shares of M&T Bank Corporation by 0.3% in the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock worth $171,000 after purchasing an additional 3 shares in the last quarter. Sun Life Financial INC boosted its position in shares of M&T Bank Corporation by 8,576.9% in the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after purchasing an additional 1,115 shares in the last quarter. Finally, Mosaic Family Wealth LLC boosted its position in shares of M&T Bank Corporation by 5.3% in the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after purchasing an additional 62 shares in the last quarter. 78.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 163.15 on Thursday. The stock’s 50 day moving average is $153.75 and its 200-day moving average is $157.62. The company has a market cap of $24.79 billion, a P/E ratio of 19.10 and a beta of 0.78. M&T Bank Corporation has a 12 month low of $112.25 and a 12 month high of $173.72.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $2.07 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts forecast that M&T Bank Corporation will post $9.28 EPS for the current year.
M&T Bank Corporation announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 1st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. M&T Bank Corporation’s payout ratio is 35.09%.
A number of analysts have recently commented on MTB shares. Morgan Stanley reissued an “equal weight” rating and issued a $155.00 price target (up from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Zacks Investment Research cut M&T Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $167.00 price target on shares of M&T Bank Corporation in a research report on Friday, July 21st. Finally, Macquarie cut M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Five analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $160.21.
In other M&T Bank Corporation news, insider Sabeth Siddique sold 950 shares of M&T Bank Corporation stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total value of $139,811.50. Following the completion of the transaction, the insider now owns 1,488 shares of the company’s stock, valued at $218,988.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michele D. Trolli sold 8,908 shares of M&T Bank Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the completion of the transaction, the vice president now directly owns 23,091 shares of the company’s stock, valued at approximately $3,792,696.75. The disclosure for this sale can be found here. Insiders sold 11,058 shares of company stock valued at $1,799,055 in the last ninety days. 3.18% of the stock is owned by corporate insiders.
M&T Bank Corporation Company Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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