Canandaigua National Bank & Trust Co. Reduces Position in M&T Bank Corp. (MTB)
Canandaigua National Bank & Trust Co. cut its position in shares of M&T Bank Corp. (NYSE:MTB) by 9.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,750 shares of the company’s stock after selling 180 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in M&T Bank Corp. were worth $207,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MTB. NEXT Financial Group Inc raised its position in shares of M&T Bank Corp. by 36.5% in the second quarter. NEXT Financial Group Inc now owns 1,096 shares of the company’s stock worth $129,000 after buying an additional 293 shares during the last quarter. MAI Capital Management bought a new stake in shares of M&T Bank Corp. during the second quarter worth about $215,000. Douglass Winthrop Advisors LLC increased its stake in shares of M&T Bank Corp. by 11.8% in the second quarter. Douglass Winthrop Advisors LLC now owns 2,280 shares of the company’s stock worth $278,000 after buying an additional 240 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of M&T Bank Corp. during the second quarter worth about $319,000. Finally, EP Wealth Advisors Inc. bought a new stake in shares of M&T Bank Corp. during the first quarter worth about $320,000. Institutional investors own 78.77% of the company’s stock.
M&T Bank Corp. (NYSE:MTB) traded up 0.73% during trading on Thursday, reaching $116.55. The company’s stock had a trading volume of 569,307 shares. The company has a market capitalization of $18.27 billion, a P/E ratio of 16.03 and a beta of 0.78. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39. The company’s 50-day moving average is $116.86 and its 200-day moving average is $115.48.
M&T Bank Corp. (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $1.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The company earned $1.31 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the company earned $1.98 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. Equities analysts anticipate that M&T Bank Corp. will post $7.99 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a $0.70 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $2.80 annualized dividend and a dividend yield of 2.40%. M&T Bank Corp.’s dividend payout ratio is currently 38.41%.
MTB has been the subject of a number of recent research reports. Deutsche Bank AG reaffirmed a “hold” rating on shares of M&T Bank Corp. in a research note on Saturday, June 4th. Zacks Investment Research downgraded M&T Bank Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $119.00 target price (down from $121.00) on shares of M&T Bank Corp. in a research note on Tuesday, July 5th. Nomura downgraded M&T Bank Corp. from a “buy” rating to a “neutral” rating and cut their target price for the stock from $131.00 to $103.00 in a research note 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 stock a “neutral” rating in a research note on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $138.29.
In other news, VP Drew J. Pfirrman sold 500 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $117.47, for a total value of $58,735.00. Following the sale, the vice president now directly owns 3,090 shares in the company, valued at $362,982.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian E. Hickey sold 6,017 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $117.45, for a total value of $706,696.65. Following the completion of the sale, the insider now owns 17,905 shares in the company, valued at $2,102,942.25. The disclosure for this sale can be found here. 3.63% of the stock is owned by insiders.
About M&T Bank Corp.
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.
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