BTIM Corp. Cuts Stake in M&T Bank Corporation (NYSE:MTB)

BTIM Corp. decreased its position in M&T Bank Corporation (NYSE:MTB) by 0.1% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,017 shares of the bank’s stock after selling 50 shares during the period. BTIM Corp.’s holdings in M&T Bank Corporation were worth $7,290,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. boosted its stake 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of M&T Bank Corporation by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 5,672,025 shares of the bank’s stock worth $877,633,000 after buying an additional 114,924 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of M&T Bank Corporation by 8.4% in the first quarter. Geode Capital Management LLC now owns 1,512,637 shares of the bank’s stock worth $233,725,000 after buying an additional 116,992 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of M&T Bank Corporation by 0.4% in the first quarter. American Century Companies Inc. now owns 1,473,607 shares of the bank’s stock worth $228,011,000 after buying an additional 6,491 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of M&T Bank Corporation by 8.5% in the first quarter. Wells Fargo & Company MN now owns 1,453,111 shares of the bank’s stock worth $224,841,000 after buying an additional 113,812 shares in the last quarter. 79.02% of the stock is owned by institutional investors.

Shares of M&T Bank Corporation (NYSE:MTB) traded down 1.39% during trading on Friday, hitting $158.11. The company had a trading volume of 679,783 shares. The firm has a market capitalization of $24.12 billion, a P/E ratio of 18.52 and a beta of 0.77. M&T Bank Corporation has a 52-week low of $111.82 and a 52-week high of $173.72. The stock’s 50-day moving average is $161.82 and its 200 day moving average is $160.24.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.08. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.07 earnings per share. Equities research analysts predict that M&T Bank Corporation will post $9.21 earnings per share for the current fiscal year.

M&T Bank Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 1st were issued a dividend of $0.75 per share. The ex-dividend date was Tuesday, May 30th. This represents a $3.00 annualized dividend and a yield of 1.90%. M&T Bank Corporation’s dividend payout ratio is currently 35.09%.

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MTB has been the subject of a number of research reports. BidaskClub raised M&T Bank Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “strong-buy” rating and set a $180.00 price target for the company in a research report on Wednesday, May 3rd. Piper Jaffray Companies reduced their price objective on M&T Bank Corporation from $157.00 to $153.00 and set a “neutral” rating for the company in a research note on Tuesday, April 11th. ValuEngine upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $168.00 price objective on shares of M&T Bank Corporation in a research note on Tuesday, April 4th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $160.40.

In related news, insider Richard S. Gold sold 6,904 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $162.71, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian E. Hickey sold 2,000 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total transaction of $324,040.00. Following 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.

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.