Mizuho Asset Management Co. Ltd. raised its position in M&T Bank Corp. (NYSE:MTB) by 158.6% during the second quarter, Holdings Channel reports. The fund owned 1,929 shares of the company’s stock after buying an additional 1,183 shares during the period. Mizuho Asset Management Co. Ltd.’s holdings in M&T Bank Corp. were worth $228,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MTB. Mn Services Vermogensbeheer B.V. purchased a new position in shares of M&T Bank Corp. during the first quarter worth approximately $347,000. Commonwealth Equity Services Inc boosted its position in shares of M&T Bank Corp. by 5.5% in the first quarter. Commonwealth Equity Services Inc now owns 11,601 shares of the company’s stock worth $1,288,000 after buying an additional 603 shares during the period. River Wealth Advisors LLC boosted its position in shares of M&T Bank Corp. by 3.4% in the first quarter. River Wealth Advisors LLC now owns 6,968 shares of the company’s stock worth $773,000 after buying an additional 228 shares during the period. Glenmede Trust Co. NA boosted its position in shares of M&T Bank Corp. by 4.4% in the first quarter. Glenmede Trust Co. NA now owns 16,947 shares of the company’s stock worth $1,880,000 after buying an additional 718 shares during the period. Finally, PGGM Investments boosted its position in shares of M&T Bank Corp. by 28.9% in the first quarter. PGGM Investments now owns 161,423 shares of the company’s stock worth $17,918,000 after buying an additional 36,180 shares during the period. 78.77% of the stock is owned by hedge funds and other institutional investors.

Shares of M&T Bank Corp. (NYSE:MTB) traded up 0.57% on Tuesday, reaching $115.68. The company had a trading volume of 39,039 shares. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of 15.91 and a beta of 0.78. The stock has a 50 day moving average price of $116.60 and a 200-day moving average price of $115.43. M&T Bank Corp. has a 12 month low of $100.08 and a 12 month high of $127.39.

M&T Bank Corp. (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by $0.10. The business earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.98 EPS. Analysts forecast that M&T Bank Corp. will post $7.99 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Tuesday, August 30th. M&T Bank Corp.’s dividend payout ratio is presently 38.41%.

A number of equities analysts recently commented on MTB shares. Zacks Investment Research upgraded M&T Bank Corp. from a “sell” rating to a “hold” rating in a report on Monday, July 4th. Barclays PLC restated an “overweight” rating and set a $130.00 target price on shares of M&T Bank Corp. in a report on Sunday, July 10th. Jefferies Group restated a “hold” rating and set a $111.00 target price (down from $116.00) on shares of M&T Bank Corp. in a report on Thursday, July 21st. Nomura cut M&T Bank Corp. from a “buy” rating to a “neutral” rating and lowered their target price for the company from $131.00 to $103.00 in a report on Thursday, July 7th. Finally, JPMorgan Chase & Co. raised their target price on M&T Bank Corp. from $120.00 to $123.00 and gave the company a “neutral” rating in a report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $138.29.

In other M&T Bank Corp. news, CEO Robert G. Wilmers sold 60,363 shares of the stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $118.32, for a total transaction of $7,142,150.16. Following the transaction, the chief executive officer now owns 2,490,996 shares of the company’s stock, valued at approximately $294,734,646.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert G. Wilmers sold 39,637 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $118.38, for a total value of $4,692,228.06. Following the transaction, the chief executive officer now directly owns 2,490,996 shares in the company, valued at approximately $294,884,106.48. The disclosure for this sale can be found here. Company insiders own 3.63% of the company’s stock.

M&T Bank Corp. Company Profile

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.

5 Day Chart for NYSE:MTB

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