Norway Savings Bank maintained its position in M&T Bank Corporation (NYSE:MTB) during the second quarter, according to its most recent filing with the SEC. The firm owned 4,055 shares of the bank’s stock at the end of the second quarter. Norway Savings Bank’s holdings in M&T Bank Corporation were worth $657,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Oppenheimer Asset Management Inc. acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $101,000. QCI Asset Management Inc. NY raised its position in 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 valued at $163,000 after buying an additional 81 shares during the last quarter. Mosaic Family Wealth LLC raised its position in 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 valued at $180,000 after buying an additional 33 shares during the last quarter. Bluestein R H & Co. acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $217,000. Finally, WealthTrust Axiom LLC acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $220,000. 78.99% of the stock is owned by institutional investors and hedge funds.
M&T Bank Corporation (NYSE MTB) traded up 0.65% during mid-day trading on Thursday, reaching $159.01. 828,490 shares of the company’s stock were exchanged. The company has a market capitalization of $24.26 billion, a P/E ratio of 18.62 and a beta of 0.77. M&T Bank Corporation has a 52 week low of $111.82 and a 52 week high of $173.72. The company’s 50 day moving average price is $162.07 and its 200-day moving average price is $160.32.
M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the business posted $2.07 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts expect that M&T Bank Corporation will post $9.21 earnings per share for the current fiscal year.
M&T Bank Corporation announced that its Board of Directors has authorized a stock buyback program 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 1st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.90%. The ex-dividend date was Tuesday, May 30th. M&T Bank Corporation’s dividend payout ratio (DPR) is presently 35.09%.
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Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $167.00 price objective on shares of M&T Bank Corporation in a research note on Friday, July 21st. Jefferies Group LLC upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and lifted their price target for the stock from $174.00 to $186.00 in a research note on Tuesday, July 11th. BidaskClub downgraded shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Monday. Instinet reiterated a “neutral” rating and issued a $144.00 price target on shares of M&T Bank Corporation in a research note on Wednesday, July 12th. Finally, Evercore ISI reiterated an “in-line” rating and issued a $177.00 price target on shares of M&T Bank Corporation in a research note on Wednesday, April 19th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. M&T Bank Corporation presently has an average rating of “Hold” and an average target price of $160.40.
In related news, insider Richard S. Gold sold 6,904 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the transaction, the insider now directly owns 39,326 shares in the company, valued at $6,398,733.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian E. Hickey sold 2,000 shares of the stock in a transaction 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 sale, the insider now directly owns 12,169 shares in the company, valued at $1,971,621.38. The disclosure for this sale can be found here. Company insiders own 3.18% of the company’s stock.
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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