State Treasurer State of Michigan lowered its position in shares of M&T Bank Corporation (NYSE:MTB) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,570 shares of the bank’s stock after selling 100 shares during the period. State Treasurer State of Michigan’s holdings in M&T Bank Corporation were worth $8,190,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of M&T Bank Corporation by 2,979.3% in the first quarter. BlackRock Inc. now owns 10,159,175 shares of the bank’s stock worth $1,571,928,000 after buying an additional 9,829,252 shares during the period. Epoch Investment Partners Inc. boosted its position in shares of M&T Bank Corporation by 1,732.6% in the first quarter. Epoch Investment Partners Inc. now owns 315,603 shares of the bank’s stock valued at $48,833,000 after buying an additional 298,381 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of M&T Bank Corporation by 404.8% in the first quarter. Janus Capital Management LLC now owns 330,203 shares of the bank’s stock valued at $51,092,000 after buying an additional 264,789 shares in the last quarter. First Trust Advisors LP boosted its position in shares of M&T Bank Corporation by 231.3% in the first quarter. First Trust Advisors LP now owns 313,489 shares of the bank’s stock valued at $48,506,000 after buying an additional 218,855 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of M&T Bank Corporation by 54.3% in the first quarter. AQR Capital Management LLC now owns 422,395 shares of the bank’s stock valued at $65,357,000 after buying an additional 148,585 shares in the last quarter. 79.02% of the stock is currently owned by institutional investors.
M&T Bank Corporation (NYSE:MTB) traded down 0.87% during trading on Friday, hitting $158.94. The company had a trading volume of 189,341 shares. M&T Bank Corporation has a 12-month low of $111.82 and a 12-month high of $173.72. The company has a market capitalization of $24.45 billion, a price-to-earnings ratio of 19.46 and a beta of 0.77. The firm has a 50-day moving average of $161.82 and a 200 day moving average of $160.24.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.27 by $0.08. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.07 earnings per share. On average, equities research analysts forecast that M&T Bank Corporation will post $9.21 earnings per share for the current year.
M&T Bank Corporation declared that its board has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the bank to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 1st were issued a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $3.00 dividend on an annualized basis and a yield of 1.87%. M&T Bank Corporation’s dividend payout ratio is presently 35.09%.
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Several brokerages recently weighed in on MTB. Instinet reaffirmed a “neutral” rating and set a $144.00 target price on shares of M&T Bank Corporation in a research note on Wednesday, July 12th. BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC raised M&T Bank Corporation from a “hold” rating to a “buy” rating and raised their target price for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. Zacks Investment Research cut M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $155.00 target price (up previously from $152.00) on shares of M&T Bank Corporation in a research note on Friday, July 7th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. M&T Bank Corporation has an average rating of “Hold” and a consensus price target of $159.93.
In other M&T Bank Corporation news, insider Richard S. Gold sold 6,904 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $162.71, for a total value of $1,123,349.84. Following the completion of the transaction, the insider now directly owns 39,326 shares of the company’s stock, valued at $6,398,733.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian E. Hickey sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total value of $324,040.00. Following the completion of the transaction, the insider now directly owns 12,169 shares of the company’s stock, valued at $1,971,621.38. The disclosure for this sale can be found here. Corporate insiders own 3.18% of the company’s stock.
About M&T Bank Corporation
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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