Standard Life Investments LTD Reduces Stake in M&T Bank Corporation (MTB)

Standard Life Investments LTD decreased its stake in shares of M&T Bank Corporation (NYSE:MTB) by 20.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,100,084 shares of the bank’s stock after selling 281,909 shares during the quarter. Standard Life Investments LTD owned 0.72% of M&T Bank Corporation worth $178,142,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. QCI Asset Management Inc. NY boosted its position in shares of M&T Bank Corporation by 0.3% during the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock valued at $171,000 after acquiring an additional 3 shares in the last quarter. LVW Advisors LLC boosted its position in shares of M&T Bank Corporation by 0.8% during the 1st quarter. LVW Advisors LLC now owns 3,298 shares of the bank’s stock valued at $532,000 after acquiring an additional 25 shares in the last quarter. Mosaic Family Wealth LLC boosted its position in shares of M&T Bank Corporation by 2.9% during the 1st quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock valued at $180,000 after acquiring an additional 33 shares in the last quarter. NGAM Advisors L.P. boosted its position in shares of M&T Bank Corporation by 0.4% during the 2nd quarter. NGAM Advisors L.P. now owns 15,523 shares of the bank’s stock valued at $2,514,000 after acquiring an additional 57 shares in the last quarter. Finally, Boston Private Wealth LLC boosted its position in shares of M&T Bank Corporation by 2.6% during the 2nd quarter. Boston Private Wealth LLC now owns 2,681 shares of the bank’s stock valued at $434,000 after acquiring an additional 67 shares in the last quarter. Institutional investors own 78.40% of the company’s stock.

Shares of M&T Bank Corporation (MTB) traded up 0.82% during trading on Wednesday, hitting $150.24. 319,635 shares of the stock were exchanged. The firm has a 50 day moving average price of $155.63 and a 200 day moving average price of $158.74. The firm has a market capitalization of $22.83 billion, a P/E ratio of 17.59 and a beta of 0.79. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company posted $2.07 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Analysts forecast that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.01%. M&T Bank Corporation’s payout ratio is currently 35.09%.

MTB has been the topic of several recent research reports. Zacks Investment Research lowered shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 19th. BidaskClub lowered shares of M&T Bank Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Morgan Stanley reiterated an “equal weight” rating and set a $155.00 target price (up from $152.00) on shares of M&T Bank Corporation in a research report on Friday, July 7th. Keefe, Bruyette & Woods set a $160.00 target price on shares of M&T Bank Corporation and gave the company a “hold” rating in a research report on Monday, June 19th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $168.00 target price on shares of M&T Bank Corporation in a research report on Friday, August 18th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. M&T Bank Corporation has an average rating of “Hold” and an average target price of $161.00.

In other news, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the sale, the vice president now directly owns 23,091 shares in the company, valued at approximately $3,792,696.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Robert J. Bojdak sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the sale, the insider now owns 20,217 shares in the company, valued at $3,303,862.14. The disclosure for this sale can be found here. Company insiders own 3.18% of the company’s stock.

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M&T Bank Corporation 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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Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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