M&T Bank Corporation (MTB) Stake Boosted by Verity Asset Management Inc.
Verity Asset Management Inc. lifted its stake in M&T Bank Corporation (NYSE:MTB) by 17.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,912 shares of the bank’s stock after purchasing an additional 285 shares during the quarter. Verity Asset Management Inc.’s holdings in M&T Bank Corporation were worth $310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of MTB. Oppenheimer Asset Management Inc. purchased a new position in shares of M&T Bank Corporation in the 1st quarter worth about $101,000. Dupont Capital Management Corp purchased a new position in shares of M&T Bank Corporation in the 2nd quarter worth about $140,000. QCI Asset Management Inc. NY raised its position in shares of M&T Bank Corporation by 8.3% in the 1st quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after purchasing an additional 81 shares during the last quarter. Mosaic Family Wealth LLC raised its position in shares of M&T Bank Corporation by 5.3% in the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock worth $198,000 after purchasing an additional 62 shares during the last quarter. Finally, Bluestein R H & Co. purchased a new position in shares of M&T Bank Corporation in the 1st quarter worth about $217,000. 78.40% of the stock is owned by hedge funds and other institutional investors.
MTB has been the subject of several recent analyst reports. Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $182.00 price target for the company in a research report on Tuesday, June 20th. BidaskClub raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. ValuEngine raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Jefferies Group LLC raised M&T Bank Corporation from a “hold” rating to a “buy” rating and lifted their price target for the stock from $174.00 to $186.00 in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $168.00 price target on shares of M&T Bank Corporation in a research report on Friday, August 18th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $161.24.
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In other news, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $164.25, for a total value of $1,463,139.00. Following the completion of the transaction, the vice president now directly owns 23,091 shares in the company, valued at $3,792,696.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert J. Bojdak sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total value of $196,104.00. Following the completion of the transaction, 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. Over the last 90 days, insiders sold 11,058 shares of company stock valued at $1,799,055. Company insiders own 3.18% of the company’s stock.
M&T Bank Corporation (NYSE MTB) traded up 0.05% during midday trading on Friday, hitting $149.99. The company’s stock had a trading volume of 1,566,307 shares. 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 $22.79 billion, a price-to-earnings ratio of 17.56 and a beta of 0.79. The company’s 50-day moving average is $154.51 and its 200 day moving average is $158.35.
M&T Bank Corporation (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) 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 last year, the business posted $2.07 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, analysts predict that M&T Bank Corporation will post $9.27 EPS for the current year.
M&T Bank Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the bank to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Wednesday, August 30th. M&T Bank Corporation’s payout ratio is 35.09%.
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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