Fisher Asset Management LLC lowered its stake in shares of M&T Bank Corporation (NYSE:MTB) by 72.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,040 shares of the bank’s stock after selling 26,366 shares during the period. Fisher Asset Management LLC’s holdings in M&T Bank Corporation were worth $1,626,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Confluence Investment Management LLC raised its position in M&T Bank Corporation by 2.9% in the second quarter. Confluence Investment Management LLC now owns 94,694 shares of the bank’s stock valued at $15,336,000 after buying an additional 2,699 shares during the period. Xact Kapitalforvaltning AB raised its position in M&T Bank Corporation by 1.8% in the second quarter. Xact Kapitalforvaltning AB now owns 11,392 shares of the bank’s stock valued at $1,845,000 after buying an additional 202 shares during the period. Jacobi Capital Management LLC raised its position in M&T Bank Corporation by 1.9% in the first quarter. Jacobi Capital Management LLC now owns 13,047 shares of the bank’s stock valued at $1,988,000 after buying an additional 240 shares during the period. Cambridge Trust Co. raised its position in M&T Bank Corporation by 1.3% in the first quarter. Cambridge Trust Co. now owns 92,312 shares of the bank’s stock valued at $14,283,000 after buying an additional 1,191 shares during the period. Finally, Bank of Nova Scotia raised its position in M&T Bank Corporation by 900.4% in the first quarter. Bank of Nova Scotia now owns 35,275 shares of the bank’s stock valued at $5,458,000 after buying an additional 31,749 shares during the period. 78.99% of the stock is owned by institutional investors.
Shares of M&T Bank Corporation (NYSE MTB) opened at 158.11 on Monday. The company has a market capitalization of $24.12 billion, a PE ratio of 18.52 and a beta of 0.77. The firm’s 50-day moving average is $161.82 and its 200-day moving average is $160.24. M&T Bank Corporation has a 12-month low of $111.82 and a 12-month high of $173.72.
M&T Bank Corporation (NYSE:MTB) last announced its earnings results on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, topping the consensus estimate 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 net margin of 24.10% and a return on equity of 9.48%. M&T Bank Corporation’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post $9.21 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 1st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Tuesday, May 30th. M&T Bank Corporation’s dividend payout ratio is currently 35.09%.
M&T Bank Corporation declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $167.00 price objective on shares of M&T Bank Corporation in a research report on Friday. Instinet reiterated a “neutral” rating and set a $144.00 price objective on shares of M&T Bank Corporation in a research report on Wednesday, July 12th. Jefferies Group LLC upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $174.00 to $186.00 in a research report on Tuesday, July 11th. Morgan Stanley reiterated an “equal weight” rating and set a $155.00 price objective (up from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. Finally, BidaskClub upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $160.40.
In other news, insider Brian E. Hickey sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total transaction of $324,040.00. Following the completion of the sale, the insider now owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the sale, the insider now directly owns 39,326 shares of the company’s stock, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. 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.
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