Cigna Investments Inc. New Has $958,000 Position in M&T Bank Corporation (NYSE:MTB)
Cigna Investments Inc. New decreased its position in shares of M&T Bank Corporation (NYSE:MTB) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,914 shares of the bank’s stock after selling 221 shares during the period. Cigna Investments Inc. New’s holdings in M&T Bank Corporation were worth $958,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of MTB. Buffington Mohr McNeal raised its position in shares of M&T Bank Corporation by 33.9% in the first quarter. Buffington Mohr McNeal now owns 6,010 shares of the bank’s stock worth $930,000 after buying an additional 1,520 shares in the last quarter. WealthTrust Axiom LLC bought a new position in shares of M&T Bank Corporation during the first quarter worth approximately $220,000. JPMorgan Chase & Co. raised its position in shares of M&T Bank Corporation by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 5,672,025 shares of the bank’s stock worth $877,633,000 after buying an additional 114,924 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in shares of M&T Bank Corporation by 25.2% in the first quarter. Candriam Luxembourg S.C.A. now owns 22,141 shares of the bank’s stock worth $3,426,000 after buying an additional 4,461 shares in the last quarter. Finally, Bank of Nova Scotia raised its position in shares of M&T Bank Corporation by 900.4% in the first quarter. Bank of Nova Scotia now owns 35,275 shares of the bank’s stock worth $5,458,000 after buying an additional 31,749 shares in the last quarter. 79.63% of the stock is currently owned by institutional investors and hedge funds.
M&T Bank Corporation (MTB) opened at 156.60 on Friday. M&T Bank Corporation has a 12 month low of $112.25 and a 12 month high of $173.72. The company has a market cap of $23.79 billion, a P/E ratio of 18.33 and a beta of 0.77. The firm has a 50-day moving average price of $162.38 and a 200 day moving average price of $160.81.
M&T Bank Corporation (NYSE:MTB) last released its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, topping the 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 firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned $2.07 earnings per share. The company’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts expect that M&T Bank Corporation will post $9.27 earnings per share for the current year.
M&T Bank Corporation announced that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the bank to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
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MTB has been the topic of a number of analyst reports. Zacks Investment Research lowered M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 19th. BidaskClub lowered M&T Bank Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Morgan Stanley reaffirmed 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. Keefe, Bruyette & Woods set a $160.00 target price on M&T Bank Corporation and gave the company a “hold” rating in a report on Monday, June 19th. Finally, ValuEngine raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $161.00.
In other M&T Bank Corporation news, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $162.71, for a total transaction of $1,123,349.84. Following the completion of the sale, the insider now directly owns 39,326 shares in the company, valued at $6,398,733.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert J. Bojdak sold 1,200 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total value of $196,104.00. Following the sale, the insider now 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 19,012 shares of company stock valued at $3,106,633 over the last 90 days. Corporate insiders own 3.18% of the company’s stock.
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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