Connors Investor Services Inc. raised its stake in shares of M&T Bank Corporation (NYSE:MTB) by 97.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,954 shares of the bank’s stock after purchasing an additional 27,182 shares during the period. M&T Bank Corporation accounts for approximately 1.4% of Connors Investor Services Inc.’s investment portfolio, making the stock its 25th biggest position. Connors Investor Services Inc.’s holdings in M&T Bank Corporation were worth $8,900,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in MTB. Oppenheimer Asset Management Inc. bought a new position in M&T Bank Corporation during the 1st quarter worth $101,000. Dupont Capital Management Corp bought 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 0.3% in the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock worth $171,000 after acquiring an additional 3 shares in 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 acquiring an additional 62 shares in the last quarter. Finally, Bluestein R H & Co. bought a new position in shares of M&T Bank Corporation in the 1st quarter worth about $217,000. 78.35% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently weighed in on MTB shares. Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “buy” rating and set a $182.00 price objective 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 objective for the stock from $174.00 to $186.00 in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $168.00 price objective on shares of M&T Bank Corporation in a research report on Friday, August 18th. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $160.41.

M&T Bank Corporation (NYSE MTB) traded down 0.49% during trading on Friday, reaching $153.67. The company’s stock had a trading volume of 106,956 shares. 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 cap of $23.35 billion, a PE ratio of 17.99 and a beta of 0.79. The company has a 50-day moving average of $153.96 and a 200 day moving average of $157.97.

M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm earned $2.07 earnings per share. M&T Bank Corporation’s revenue was up 6.6% on a year-over-year basis. 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 share buyback plan on Wednesday, June 28th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the bank to buy up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend is Wednesday, August 30th. M&T Bank Corporation’s dividend payout ratio is 35.09%.

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In other M&T Bank Corporation news, VP Michele D. Trolli sold 8,908 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total transaction of $1,463,139.00. Following the completion of the transaction, the vice president now owns 23,091 shares of the company’s stock, valued at $3,792,696.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sabeth Siddique sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total transaction of $139,811.50. Following the transaction, the insider now directly owns 1,488 shares of the company’s stock, valued at approximately $218,988.96. The disclosure for this sale can be found here. Insiders have sold 11,058 shares of company stock valued at $1,799,055 in the last ninety days. 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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Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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