Parametric Portfolio Associates LLC lifted its stake in shares of M&T Bank Corporation (NYSE:MTB) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 282,362 shares of the bank’s stock after acquiring an additional 15,406 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.19% of M&T Bank Corporation worth $45,729,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of M&T Bank Corporation by 2,979.3% during the first quarter. BlackRock Inc. now owns 10,159,175 shares of the bank’s stock worth $1,571,928,000 after acquiring an additional 9,829,252 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of M&T Bank Corporation by 2.1% during the first quarter. JPMorgan Chase & Co. now owns 5,672,025 shares of the bank’s stock worth $877,633,000 after acquiring an additional 114,924 shares in the last quarter. Geode Capital Management LLC increased its position in shares of M&T Bank Corporation by 8.4% during the first quarter. Geode Capital Management LLC now owns 1,512,637 shares of the bank’s stock worth $233,725,000 after acquiring an additional 116,992 shares in the last quarter. Aristotle Capital Management LLC increased its position in shares of M&T Bank Corporation by 1.4% during the first quarter. Aristotle Capital Management LLC now owns 1,405,059 shares of the bank’s stock worth $217,405,000 after acquiring an additional 19,223 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of M&T Bank Corporation by 4.0% during the first quarter. Dimensional Fund Advisors LP now owns 785,808 shares of the bank’s stock worth $121,600,000 after acquiring an additional 30,552 shares in the last quarter. 78.35% of the stock is owned by institutional investors.

Several brokerages have recently issued reports on MTB. Keefe, Bruyette & Woods reissued a “hold” rating and set a $167.00 price objective on shares of M&T Bank Corporation in a research report on Friday, July 21st. BidaskClub raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Macquarie downgraded shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. Instinet lowered their price objective on shares of M&T Bank Corporation from $148.00 to $144.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $152.00 price objective on shares of M&T Bank Corporation in a research report on Tuesday, June 6th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $162.38.

In other news, insider Sabeth Siddique sold 950 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total value of $139,811.50. Following the completion of the sale, the insider now owns 1,488 shares in the company, valued at approximately $218,988.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michele D. Trolli sold 8,908 shares of the company’s stock in a transaction on 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 completion of 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. In the last quarter, insiders sold 11,058 shares of company stock valued at $1,799,055. Company insiders own 3.18% of the company’s stock.

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Shares of M&T Bank Corporation (NYSE:MTB) opened at 157.91 on Thursday. The firm has a 50-day moving average of $153.96 and a 200-day moving average of $157.97. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72. The firm has a market cap of $23.99 billion, a PE ratio of 18.48 and a beta of 0.79.

M&T Bank Corporation (NYSE:MTB) last posted its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business posted $2.07 EPS. The business’s revenue was up 6.6% compared to the same quarter last year. On average, analysts expect that M&T Bank Corporation will post $9.27 EPS for the current year.

M&T Bank Corporation announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the bank to buy up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced 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. The ex-dividend date is Wednesday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 1.90%. M&T Bank Corporation’s payout ratio is 35.09%.

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.

Institutional Ownership by Quarter for M&T Bank Corporation (NYSE:MTB)

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