TIAA CREF Investment Management LLC reduced its stake in shares of M&T Bank Corporation (NYSE:MTB) by 12.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 484,715 shares of the bank’s stock after selling 68,699 shares during the period. TIAA CREF Investment Management LLC owned 0.32% of M&T Bank Corporation worth $78,500,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new position in shares of M&T Bank Corporation during the 1st quarter worth approximately $101,000. Dupont Capital Management Corp acquired a new position in shares of M&T Bank Corporation during the 2nd quarter worth approximately $140,000. QCI Asset Management Inc. NY boosted its holdings in shares of M&T Bank Corporation by 8.3% during the 1st quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after purchasing an additional 81 shares during the last quarter. Mosaic Family Wealth LLC boosted its holdings in shares of M&T Bank Corporation by 5.3% during the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after purchasing an additional 62 shares during the last quarter. Finally, Almanack Investment Partners LLC. acquired a new position in shares of M&T Bank Corporation during the 2nd quarter worth approximately $218,000. Institutional investors and hedge funds own 78.40% of the company’s stock.
Shares of M&T Bank Corporation (NYSE:MTB) opened at 149.99 on Friday. The firm has a 50-day moving average price of $154.51 and a 200-day moving average price of $158.35. The stock has a market cap of $22.79 billion, a price-to-earnings ratio of 17.56 and a beta of 0.79. M&T Bank Corporation has a 12 month low of $112.25 and a 12 month high of $173.72.
M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates 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 for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business earned $2.07 EPS. Equities analysts expect 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 approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 3.6% of its shares through open market purchases. Shares 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. Shareholders of record on Friday, September 1st will be issued 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 2.00%. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 35.09%.
MTB has been the topic of several recent research reports. ValuEngine upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley restated an “equal weight” rating and set a $152.00 target price on shares of M&T Bank Corporation in a report on Tuesday, June 6th. BidaskClub upgraded M&T Bank Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Zacks Investment Research cut M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 19th. Finally, Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Corporation and gave the stock a “hold” rating in a report on Monday, June 19th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. M&T Bank Corporation currently has an average rating of “Hold” and an average price target of $161.24.
In other M&T Bank Corporation news, insider Robert J. Bojdak sold 1,200 shares of M&T Bank Corporation 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 transaction, the insider now owns 20,217 shares in the company, valued at approximately $3,303,862.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of M&T Bank Corporation stock in a transaction on Friday, August 4th. The shares were sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the completion of the transaction, the vice president now owns 23,091 shares in the company, valued at approximately $3,792,696.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,058 shares of company stock worth $1,799,055. 3.18% of the stock is owned by company insiders.
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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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