Aperio Group LLC Acquires 10,996 Shares of M&T Bank Corporation (NYSE:MTB)
Aperio Group LLC increased its position in M&T Bank Corporation (NYSE:MTB) by 19.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 66,985 shares of the bank’s stock after buying an additional 10,996 shares during the period. Aperio Group LLC’s holdings in M&T Bank Corporation were worth $10,848,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in shares of M&T Bank Corporation during the first quarter worth approximately $101,000. QCI Asset Management Inc. NY boosted its position 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 worth $163,000 after buying an additional 81 shares in the last quarter. Mosaic Family Wealth LLC boosted its position 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 worth $180,000 after buying an additional 33 shares in the last quarter. Bluestein R H & Co. acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $217,000. Finally, WealthTrust Axiom LLC acquired a new position in M&T Bank Corporation during the first quarter valued at approximately $220,000. Institutional investors own 79.57% of the company’s stock.
Shares of M&T Bank Corporation (NYSE:MTB) traded down 0.29% during midday trading on Friday, hitting $153.43. The stock had a trading volume of 619,503 shares. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72. The stock has a market cap of $23.31 billion, a PE ratio of 17.96 and a beta of 0.77. The stock has a 50-day moving average of $161.95 and a 200 day moving average of $160.60.
M&T Bank Corporation (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm earned $2.07 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. Analysts anticipate that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
The company 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 1.96%. The ex-dividend date of this dividend is Wednesday, August 30th. M&T Bank Corporation’s payout ratio is currently 35.09%.
M&T Bank Corporation declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the bank to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
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Several research firms recently commented on MTB. BidaskClub upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $167.00 price objective on shares of M&T Bank Corporation in a report on Friday, July 21st. Macquarie lowered M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a report on Friday, August 4th. Morgan Stanley reissued an “equal weight” rating and issued a $152.00 price objective on shares of M&T Bank Corporation in a report on Tuesday, June 6th. Finally, Instinet lowered their price objective on M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a report on Friday, June 30th. Five 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. M&T Bank Corporation currently has a consensus rating of “Hold” and an average target price of $161.00.
In related news, insider Robert J. Bojdak sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the sale, the insider now owns 20,217 shares in the company, valued at $3,303,862.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $1,463,139.00. Following the sale, the vice president now owns 23,091 shares of the company’s stock, valued at approximately $3,792,696.75. The disclosure for this sale can be found here. Insiders have sold 19,012 shares of company stock worth $3,106,633 over the last three months. 3.18% of the stock is owned by insiders.
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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