Janney Montgomery Scott LLC boosted its position in shares of M&T Bank Corporation (NYSE:MTB) by 2.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,778 shares of the bank’s stock after buying an additional 758 shares during the period. Janney Montgomery Scott LLC’s holdings in M&T Bank Corporation were worth $4,337,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in MTB. NGAM Advisors L.P. increased its stake in shares of M&T Bank Corporation by 0.4% in the second quarter. NGAM Advisors L.P. now owns 15,523 shares of the bank’s stock worth $2,514,000 after buying an additional 57 shares during the last quarter. Moody Lynn & Lieberson LLC purchased a new stake in shares of M&T Bank Corporation during the second quarter worth approximately $1,006,000. Russell Investments Group Ltd. increased its stake in shares of M&T Bank Corporation by 14.0% in the second quarter. Russell Investments Group Ltd. now owns 141,286 shares of the bank’s stock worth $22,882,000 after buying an additional 17,303 shares during the last quarter. Berkshire Asset Management LLC PA increased its stake in shares of M&T Bank Corporation by 0.8% in the second quarter. Berkshire Asset Management LLC PA now owns 130,338 shares of the bank’s stock worth $21,108,000 after buying an additional 1,085 shares during the last quarter. Finally, Huntington National Bank increased its stake in shares of M&T Bank Corporation by 15.3% in the second quarter. Huntington National Bank now owns 94,093 shares of the bank’s stock worth $15,239,000 after buying an additional 12,461 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% on Friday, hitting $156.60. 658,025 shares of the stock were exchanged. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The company has a market cap of $23.79 billion, a P/E ratio of 18.33 and a beta of 0.77. The firm’s 50-day moving average is $162.38 and its 200-day moving average is $160.81.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business earned $2.07 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. On average, equities analysts forecast that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
M&T Bank Corporation declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
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A number of brokerages recently commented on MTB. ValuEngine upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company began coverage on shares of M&T Bank Corporation in a research report on Wednesday. They issued a “market perform” rating and a $170.00 price objective for the company. Macquarie downgraded shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. BidaskClub downgraded shares of M&T Bank Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $167.00 target price on shares of M&T Bank Corporation in a report on Friday, July 21st. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the 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, insider Robert J. Bojdak sold 1,200 shares of the company’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 value of $196,104.00. Following the transaction, the insider now owns 20,217 shares in the company, valued at approximately $3,303,862.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Richard S. Gold sold 6,904 shares of the company’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 transaction of $1,123,349.84. Following the completion of the transaction, the insider now owns 39,326 shares in the company, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. Insiders have sold 19,012 shares of company stock worth $3,106,633 in the last 90 days. 3.18% of the stock is owned by company insiders.
About M&T Bank Corporation
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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