General American Investors Co. Inc. continued to hold its stake in shares of M&T Bank Corporation (NYSE:MTB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 110,000 shares of the bank’s stock at the end of the second quarter. M&T Bank Corporation comprises 1.8% of General American Investors Co. Inc.’s investment portfolio, making the stock its 27th largest position. General American Investors Co. Inc.’s holdings in M&T Bank Corporation were worth $17,815,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in MTB. Macquarie Group Ltd. raised its stake in shares of M&T Bank Corporation by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 4,900 shares of the bank’s stock valued at $767,000 after buying an additional 600 shares in the last quarter. Creative Planning raised its position in M&T Bank Corporation by 0.7% in the first quarter. Creative Planning now owns 10,812 shares of the bank’s stock valued at $1,673,000 after buying an additional 74 shares during the period. Gulf International Bank UK Ltd raised its position in M&T Bank Corporation by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 44,422 shares of the bank’s stock valued at $6,873,000 after buying an additional 470 shares during the period. Bank of Montreal Can raised its position in M&T Bank Corporation by 28.5% in the first quarter. Bank of Montreal Can now owns 380,770 shares of the bank’s stock valued at $58,918,000 after buying an additional 84,364 shares during the period. Finally, Capstone Asset Management Co. raised its position in M&T Bank Corporation by 1.2% in the first quarter. Capstone Asset Management Co. now owns 12,489 shares of the bank’s stock valued at $1,932,000 after buying an additional 154 shares during the period. Institutional investors and hedge funds own 79.63% of the company’s stock.

Shares of M&T Bank Corporation (NYSE:MTB) opened at 163.00 on Thursday. The firm has a market capitalization of $24.86 billion, a P/E ratio of 19.09 and a beta of 0.77. M&T Bank Corporation has a 52-week low of $112.25 and a 52-week high of $173.72. The company’s 50-day moving average price is $162.53 and its 200-day moving average price is $160.82.

M&T Bank Corporation (NYSE:MTB) last issued its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. The company 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%. M&T Bank Corporation’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.07 EPS. On average, equities research analysts expect that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.

M&T Bank Corporation declared that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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MTB has been the topic of several recent research reports. Wedbush raised their target price on M&T Bank Corporation from $144.00 to $150.00 and gave the company a “neutral” rating in a report on Tuesday, April 18th. Keefe, Bruyette & Woods restated a “hold” rating and set a $160.00 target price on shares of M&T Bank Corporation in a report on Tuesday, April 18th. Evercore ISI restated an “in-line” rating and set a $177.00 target price on shares of M&T Bank Corporation in a report on Wednesday, April 19th. Barclays PLC raised their target price on M&T Bank Corporation from $172.00 to $175.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Finally, Sandler O’Neill restated a “hold” rating on shares of M&T Bank Corporation in a report on Wednesday, April 19th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. M&T Bank Corporation currently has a consensus rating of “Hold” and a consensus target price of $160.40.

In other M&T Bank Corporation news, insider Brian E. Hickey sold 2,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total value of $324,040.00. Following the transaction, the insider now directly owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Richard S. Gold sold 6,904 shares of the stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the completion of the transaction, the insider now directly owns 39,326 shares in the company, valued at $6,398,733.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,812 shares of company stock worth $2,910,529. 3.18% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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