Bank of New York Mellon Corp decreased its position in M&T Bank Corporation (NYSE:MTB) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,161,836 shares of the bank’s stock after selling 98,906 shares during the period. Bank of New York Mellon Corp owned about 0.76% of M&T Bank Corporation worth $188,159,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in M&T Bank Corporation by 2,979.3% in the first quarter. BlackRock Inc. now owns 10,159,175 shares of the bank’s stock worth $1,571,928,000 after buying an additional 9,829,252 shares during the period. JPMorgan Chase & Co. raised its position in 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 during the period. Geode Capital Management LLC raised its position in M&T Bank Corporation by 8.4% in the first quarter. Geode Capital Management LLC now owns 1,512,637 shares of the bank’s stock worth $233,725,000 after buying an additional 116,992 shares during the period. American Century Companies Inc. raised its position in M&T Bank Corporation by 0.4% in the first quarter. American Century Companies Inc. now owns 1,473,607 shares of the bank’s stock worth $228,011,000 after buying an additional 6,491 shares during the period. Finally, Wells Fargo & Company MN raised its position in M&T Bank Corporation by 8.5% in the first quarter. Wells Fargo & Company MN now owns 1,453,111 shares of the bank’s stock worth $224,841,000 after buying an additional 113,812 shares during the period. 79.57% of the stock is currently owned by institutional investors.

Shares of M&T Bank Corporation (NYSE MTB) opened at 153.43 on Monday. The stock has a market cap of $23.31 billion, a P/E ratio of 17.96 and a beta of 0.77. M&T Bank Corporation has a 12-month low of $112.25 and a 12-month high of $173.72. The company has a 50 day moving average price of $161.95 and a 200 day moving average price of $160.60.

M&T Bank Corporation (NYSE:MTB) last issued its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned $2.07 earnings per share. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Analysts anticipate that M&T Bank Corporation will post $9.27 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Wednesday, August 30th. M&T Bank Corporation’s payout ratio is currently 35.09%.

M&T Bank Corporation declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $900.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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A number of equities analysts have weighed in on MTB shares. BidaskClub raised M&T Bank Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Zacks Investment Research raised M&T Bank Corporation from a “hold” rating to a “strong-buy” rating and set a $180.00 price objective on the stock in a research note on Wednesday, May 3rd. Macquarie lowered M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. ValuEngine raised M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Instinet lowered their price objective on M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. M&T Bank Corporation currently has a consensus rating of “Hold” and an average price target of $161.00.

In other M&T Bank Corporation news, VP Michele D. Trolli sold 8,908 shares of the business’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 transaction, the vice president now owns 23,091 shares in the company, valued at $3,792,696.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Brian E. Hickey sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $162.02, for a total value of $324,040.00. Following the transaction, the insider now owns 12,169 shares in the company, valued at approximately $1,971,621.38. The disclosure for this sale can be found here. Insiders sold 19,012 shares of company stock worth $3,106,633 in the last quarter. 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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Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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