Marathon Asset Management LLP increased its position in 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. 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 approximately 0.06% of M&T Bank Corporation worth $16,002,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Buffington Mohr McNeal increased its stake in shares of M&T Bank Corporation by 33.9% in the first quarter. Buffington Mohr McNeal now owns 6,010 shares of the bank’s stock worth $930,000 after buying an additional 1,520 shares during the last quarter. WealthTrust Axiom LLC bought a new stake in shares of M&T Bank Corporation during the first quarter worth approximately $220,000. JPMorgan Chase & Co. increased 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 during the last quarter. Candriam Luxembourg S.C.A. increased its stake in shares of M&T Bank Corporation by 25.2% in the first quarter. Candriam Luxembourg S.C.A. now owns 22,141 shares of the bank’s stock worth $3,426,000 after buying an additional 4,461 shares during the last quarter. Finally, Bank of Nova Scotia increased its stake in shares of 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 worth $5,458,000 after buying an additional 31,749 shares during the last quarter. Hedge funds and other institutional investors own 79.63% of the company’s stock.
Shares of M&T Bank Corporation (MTB) traded down 1.34% during trading on Friday, hitting $156.60. The company’s stock had a trading volume of 658,025 shares. The stock has a market cap of $23.79 billion, a PE ratio of 18.33 and a beta of 0.77. The company has a 50-day moving average price of $162.38 and a 200-day moving average price of $160.81. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72.
M&T Bank Corporation (NYSE:MTB) last posted its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the company earned $2.07 EPS. M&T Bank Corporation’s revenue was up 6.6% on a year-over-year basis. Equities analysts predict that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
M&T Bank Corporation declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the bank to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
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MTB has been the topic of a number of recent research reports. Zacks Investment Research downgraded M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. BidaskClub downgraded M&T Bank Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Morgan Stanley restated an “equal weight” rating and issued 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. Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Corporation and gave the stock a “hold” rating in a research note on Monday, June 19th. Finally, ValuEngine upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. M&T Bank Corporation presently has an average rating of “Hold” and a consensus target price of $161.00.
In other M&T Bank Corporation news, VP Michele D. Trolli sold 8,908 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $164.25, for a total value of $1,463,139.00. Following the completion of the transaction, the vice president now directly owns 23,091 shares in the company, valued at approximately $3,792,696.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert J. Bojdak sold 1,200 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the completion of the transaction, the insider now owns 20,217 shares of the company’s stock, valued at $3,303,862.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,012 shares of company stock worth $3,106,633. 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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