New Mexico Educational Retirement Board reduced its position in shares of M&T Bank Corporation (NYSE:MTB) by 8.3% during the second quarter, Holdings Channel reports. The institutional investor owned 14,290 shares of the bank’s stock after selling 1,300 shares during the period. New Mexico Educational Retirement Board’s holdings in M&T Bank Corporation were worth $2,331,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MTB. Oppenheimer Asset Management Inc. acquired a new position in shares of M&T Bank Corporation during the first quarter worth approximately $101,000. QCI Asset Management Inc. NY boosted its position in shares of M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the last quarter. Mosaic Family Wealth LLC boosted its position in shares of M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the last quarter. Bluestein R H & Co. acquired a new position in shares of M&T Bank Corporation during the first quarter worth approximately $217,000. Finally, WealthTrust Axiom LLC acquired a new position in shares of M&T Bank Corporation during the first quarter worth approximately $220,000. 79.63% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Corporation (NYSE:MTB) opened at 163.00 on Thursday. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The company has a market cap of $24.86 billion, a PE ratio of 19.09 and a beta of 0.77. The stock has a 50 day moving average of $162.53 and a 200 day moving average of $160.82.

M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted $2.07 EPS. M&T Bank Corporation’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts anticipate that M&T Bank Corporation will post $9.27 earnings per share for the current fiscal year.

M&T Bank Corporation declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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A number of brokerages have commented on MTB. Instinet reiterated a “neutral” rating and set a $144.00 price target on shares of M&T Bank Corporation in a research report on Wednesday, July 12th. BidaskClub upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Jefferies Group LLC upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $174.00 to $186.00 in a research report on Tuesday, July 11th. Zacks Investment Research cut shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Macquarie cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $160.40.

In other M&T Bank Corporation news, insider Brian E. Hickey sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total value of $324,040.00. Following the transaction, the insider now owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $162.71, for a total value of $1,123,349.84. Following the completion of the transaction, the insider now directly owns 39,326 shares in the company, valued at approximately $6,398,733.46. The disclosure for this sale can be found here. Insiders have sold a total of 17,812 shares of company stock worth $2,910,529 in the last 90 days. 3.18% of the stock is currently owned by 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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Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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