Strs Ohio boosted its stake in M&T Bank Corp. (NYSE:MTB) by 8.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 18,691 shares of the company’s stock after buying an additional 1,488 shares during the period. Strs Ohio’s holdings in M&T Bank Corp. were worth $2,209,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc increased its position in shares of M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock worth $129,000 after buying an additional 293 shares in the last quarter. MAI Capital Management bought a new position in shares of M&T Bank Corp. during the second quarter worth about $215,000. Douglass Winthrop Advisors LLC increased its position in shares of M&T Bank Corp. by 11.8% in the second quarter. Douglass Winthrop Advisors LLC now owns 2,280 shares of the company’s stock worth $278,000 after buying an additional 240 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of M&T Bank Corp. during the second quarter worth about $319,000. Finally, EP Wealth Advisors Inc. bought a new position in shares of M&T Bank Corp. during the first quarter worth about $320,000. Institutional investors own 78.77% of the company’s stock.
M&T Bank Corp. (NYSE:MTB) traded down 0.43% during mid-day trading on Friday, hitting $117.83. 440,781 shares of the stock were exchanged. The company has a 50 day moving average price of $116.63 and a 200 day moving average price of $115.94. The stock has a market cap of $18.47 billion, a price-to-earnings ratio of 16.20 and a beta of 0.75. M&T Bank Corp. has a 52 week low of $100.08 and a 52 week high of $127.39.
M&T Bank Corp. (NYSE:MTB) last issued its earnings results on Wednesday, July 20th. The company reported $1.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by $0.10. The business earned $1.31 billion during the quarter, compared to analyst estimates of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. M&T Bank Corp.’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 EPS. Analysts expect that M&T Bank Corp. will post $7.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were issued a $0.70 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.38%. M&T Bank Corp.’s dividend payout ratio is 38.41%.
MTB has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of M&T Bank Corp. from a “hold” rating to a “sell” rating in a report on Thursday, September 29th. Credit Agricole SA increased their price target on shares of M&T Bank Corp. from $128.00 to $129.00 and gave the company an “outperform” rating in a report on Friday, September 23rd. Barclays PLC reiterated an “overweight” rating and issued a $130.00 price target on shares of M&T Bank Corp. in a report on Sunday, July 10th. Nomura downgraded shares of M&T Bank Corp. from a “buy” rating to a “neutral” rating and cut their price target for the company from $131.00 to $103.00 in a report on Thursday, July 7th. Finally, Jefferies Group reiterated a “hold” rating and issued a $111.00 price target (down previously from $116.00) on shares of M&T Bank Corp. in a report on Thursday, July 21st. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $137.48.
In other news, VP Drew J. Pfirrman sold 3,920 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $114.44, for a total value of $448,604.80. Following the transaction, the vice president now owns 3,590 shares in the company, valued at approximately $410,839.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Robert G. Wilmers sold 100,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $117.76, for a total value of $11,776,000.00. Following the completion of the transaction, the chairman now owns 2,598,729 shares in the company, valued at approximately $306,026,327.04. The disclosure for this sale can be found here. 3.63% of the stock is owned by insiders.
About M&T Bank Corp.
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
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