Cornerstone Capital Management Holdings LLC. reduced its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 2.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 29,529 shares of the bank’s stock after selling 832 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in M&T Bank Corporation were worth $4,781,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new stake in shares of M&T Bank Corporation during the 1st quarter worth approximately $101,000. Dupont Capital Management Corp bought a new stake in shares of M&T Bank Corporation during the 2nd quarter worth approximately $140,000. QCI Asset Management Inc. NY lifted its stake 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 worth $171,000 after acquiring an additional 3 shares during the last quarter. Sun Life Financial INC lifted its stake in shares of M&T Bank Corporation by 8,576.9% during the 2nd quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after acquiring an additional 1,115 shares during the last quarter. Finally, Mosaic Family Wealth LLC lifted its stake 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 acquiring an additional 62 shares during the last quarter. 78.35% of the stock is owned by hedge funds and other institutional investors.
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In other news, VP Michele D. Trolli sold 8,908 shares of the stock in a transaction on Friday, August 4th. The stock was 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 $3,792,696.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sabeth Siddique sold 950 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total value of $139,811.50. Following the completion of the sale, the insider now owns 1,488 shares in the company, valued at $218,988.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,058 shares of company stock worth $1,799,055. Insiders own 3.18% of the company’s stock.
A number of brokerages recently issued reports on MTB. Macquarie lowered M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $167.00 price target on shares of M&T Bank Corporation in a research note on Friday, July 21st. BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Instinet decreased their price target on M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a research note on Friday, June 30th. Finally, Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $168.00 price target for the company in a research note on Tuesday, September 19th. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $160.21.
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, beating the consensus estimate of $2.27 by $0.08. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $2.07 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Wednesday, August 30th. M&T Bank Corporation’s payout ratio is currently 35.09%.
M&T Bank Corporation announced that its Board of Directors has initiated a stock 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 usually an indication that the company’s management believes its shares are undervalued.
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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