Neuberger Berman Group LLC Sells 2,235 Shares of M&T Bank Corporation (MTB)
Neuberger Berman Group LLC cut its stake in shares of M&T Bank Corporation (NYSE:MTB) by 0.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 574,096 shares of the bank’s stock after selling 2,235 shares during the period. Neuberger Berman Group LLC owned about 0.38% of M&T Bank Corporation worth $92,975,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Corporation during the first quarter valued at approximately $101,000. Dupont Capital Management Corp purchased a new stake in shares of M&T Bank Corporation during the second quarter valued at approximately $140,000. QCI Asset Management Inc. NY boosted its stake 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 valued at $163,000 after buying an additional 81 shares during the last quarter. Mosaic Family Wealth LLC boosted its stake 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 valued at $180,000 after buying an additional 33 shares during the last quarter. Finally, Bluestein R H & Co. purchased a new stake in shares of M&T Bank Corporation during the first quarter valued at approximately $217,000. 78.40% of the stock is owned by institutional investors and hedge funds.
M&T Bank Corporation (NYSE:MTB) opened at 149.29 on Thursday. The stock’s 50 day moving average price is $160.55 and its 200-day moving average price is $160.25. M&T Bank Corporation has a one year low of $112.25 and a one year high of $173.72. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of 17.48 and a beta of 0.77.
M&T Bank Corporation (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 EPS for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. M&T Bank Corporation’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $2.07 earnings per share. 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 of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $900.00 million in shares. This buyback authorization permits the bank to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Wednesday, August 30th. M&T Bank Corporation’s payout ratio is 35.09%.
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Several brokerages recently commented on MTB. Wells Fargo & Company began coverage on M&T Bank Corporation in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $170.00 price target for the company. Keefe, Bruyette & Woods set a $160.00 price target on M&T Bank Corporation and gave the company a “hold” rating in a research note on Monday, June 19th. Morgan Stanley reissued an “equal weight” rating and issued a $152.00 price target on shares of M&T Bank Corporation in a research note on Tuesday, June 6th. Jefferies Group LLC raised M&T Bank Corporation from a “hold” rating to a “buy” rating and boosted their price target for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $168.00 price target on shares of M&T Bank Corporation in a research note on Friday, August 18th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. M&T Bank Corporation currently has a consensus rating of “Hold” and a consensus target price of $161.00.
In related news, VP Michele D. Trolli sold 8,908 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the completion of the sale, the vice president now directly owns 23,091 shares of the company’s stock, valued at $3,792,696.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the sale, the insider now directly owns 20,217 shares of the company’s stock, valued at $3,303,862.14. The disclosure for this sale can be found here. Insiders have sold 17,012 shares of company stock valued at $2,782,593 over the last ninety days. 3.18% of the stock is currently owned by company 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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