M&T Bank Corporation (NYSE:MTB) Shares Bought by Marathon Asset Management LLP

Marathon Asset Management LLP boosted its position in shares of M&T Bank Corporation (NYSE:MTB) by 176.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,812 shares of the bank’s stock after buying an additional 63,122 shares during the period. Marathon Asset Management LLP owned 0.06% of M&T Bank Corporation worth $16,002,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MTB. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Corporation during the first quarter worth approximately $101,000. QCI Asset Management Inc. NY raised its stake in shares of M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the last quarter. Mosaic Family Wealth LLC raised its stake in shares of M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the last quarter. Bluestein R H & Co. purchased a new stake in shares of M&T Bank Corporation during the first quarter worth approximately $217,000. Finally, WealthTrust Axiom LLC purchased a new stake in shares of M&T Bank Corporation during the first quarter worth approximately $220,000. 79.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of M&T Bank Corporation (MTB) opened at 163.58 on Friday. The firm has a 50-day moving average price of $162.23 and a 200-day moving average price of $160.51. The company has a market capitalization of $24.95 billion, a P/E ratio of 19.16 and a beta of 0.77. M&T Bank Corporation has a one year low of $112.17 and a one year 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, topping the consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the business posted $2.07 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Equities analysts forecast that M&T Bank Corporation will post $9.27 earnings per share for the current year.

M&T Bank Corporation declared that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the bank to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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A number of analysts have recently commented on MTB shares. Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Thursday, April 20th. ValuEngine raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reissued a “buy” rating and set a $168.00 price target on shares of M&T Bank Corporation in a research note on Thursday, May 18th. BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Jefferies Group LLC raised M&T Bank Corporation from a “hold” rating to a “buy” rating and lifted their price target for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. M&T Bank Corporation currently has an average rating of “Hold” and a consensus target price of $160.40.

In other news, insider Brian E. Hickey sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was 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 owns 12,169 shares in the company, valued at approximately $1,971,621.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Richard S. Gold sold 6,904 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were 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 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. Company 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.