16,570 Shares in M&T Bank Corporation (MTB) Purchased by Sterling Capital Management LLC
Sterling Capital Management LLC acquired a new position in M&T Bank Corporation (NYSE:MTB) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,570 shares of the bank’s stock, valued at approximately $2,684,000.
Other large investors have also modified their holdings of the company. QCI Asset Management Inc. NY lifted its holdings in shares of M&T Bank Corporation by 0.3% in 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. NGAM Advisors L.P. lifted its holdings in shares of M&T Bank Corporation by 0.4% in the 2nd quarter. NGAM Advisors L.P. now owns 15,523 shares of the bank’s stock worth $2,514,000 after acquiring an additional 57 shares during the last quarter. Mosaic Family Wealth LLC lifted its holdings in shares of M&T Bank Corporation by 5.3% in 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. Boston Private Wealth LLC lifted its holdings in shares of M&T Bank Corporation by 2.6% in the 2nd quarter. Boston Private Wealth LLC now owns 2,681 shares of the bank’s stock worth $434,000 after acquiring an additional 67 shares during the last quarter. Finally, Stanley Laman Group Ltd. lifted its holdings in shares of M&T Bank Corporation by 2.9% in the 2nd quarter. Stanley Laman Group Ltd. now owns 3,316 shares of the bank’s stock worth $537,000 after acquiring an additional 94 shares during the last quarter. 78.35% of the stock is owned by institutional investors and hedge funds.
M&T Bank Corporation (MTB) traded down 0.210% during midday trading on Tuesday, hitting $163.875. 25,696 shares of the stock traded hands. The company’s 50-day moving average is $154.34 and its 200 day moving average is $157.76. The firm has a market cap of $24.90 billion, a P/E ratio of 19.182 and a beta of 0.78. M&T Bank Corporation has a 12-month low of $113.42 and a 12-month high of $173.72.
M&T Bank Corporation (NYSE:MTB) last issued its quarterly earnings results 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. 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 net margin of 24.10% and a return on equity of 9.48%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.07 earnings per share. On average, analysts anticipate that M&T Bank Corporation will post $9.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a $0.75 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $3.00 annualized dividend and a yield of 1.83%. M&T Bank Corporation’s dividend payout ratio (DPR) is 35.09%.
M&T Bank Corporation announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $900.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently issued reports on MTB shares. Keefe, Bruyette & Woods set a $160.00 target price on shares of M&T Bank Corporation and gave the stock a “hold” rating in a report on Monday, June 19th. Instinet lowered their target price on shares of M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Zacks Investment Research lowered shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $155.00 target price (up previously from $152.00) on shares of M&T Bank Corporation in a report on Friday, July 7th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the company. M&T Bank Corporation presently has a consensus rating of “Hold” and a consensus target price of $160.21.
In related news, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the sale, the vice president now owns 23,091 shares of the company’s stock, valued at $3,792,696.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total transaction of $139,811.50. Following the completion of the sale, the insider now directly owns 1,488 shares in the company, valued at approximately $218,988.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,058 shares of company stock worth $1,799,055. 3.18% of the stock is owned by corporate insiders.
M&T Bank Corporation Company 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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