Hudson Valley Investment Advisors Inc. ADV Reduces Stake in M&T Bank Corporation (NYSE:MTB)

Hudson Valley Investment Advisors Inc. ADV reduced its position in shares of M&T Bank Corporation (NYSE:MTB) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,645 shares of the bank’s stock after selling 25 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in M&T Bank Corporation were worth $266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its stake in shares of 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 in the last quarter. Epoch Investment Partners Inc. increased its stake in shares of M&T Bank Corporation by 1,732.6% in the first quarter. Epoch Investment Partners Inc. now owns 315,603 shares of the bank’s stock worth $48,833,000 after buying an additional 298,381 shares in the last quarter. Janus Capital Management LLC increased its stake in shares of M&T Bank Corporation by 404.8% in the first quarter. Janus Capital Management LLC now owns 330,203 shares of the bank’s stock worth $51,092,000 after buying an additional 264,789 shares in the last quarter. First Trust Advisors LP increased its stake in shares of M&T Bank Corporation by 231.3% in the first quarter. First Trust Advisors LP now owns 313,489 shares of the bank’s stock worth $48,506,000 after buying an additional 218,855 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of M&T Bank Corporation by 54.3% in the first quarter. AQR Capital Management LLC now owns 422,395 shares of the bank’s stock worth $65,357,000 after buying an additional 148,585 shares in the last quarter. 79.63% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Corporation (NYSE:MTB) opened at 156.60 on Friday. M&T Bank Corporation has a 1-year low of $112.25 and a 1-year high of $173.72. The firm has a 50-day moving average price of $162.38 and a 200 day moving average price of $160.81. The stock has a market cap of $23.79 billion, a price-to-earnings ratio of 18.33 and a beta of 0.77.

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. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.40 billion. M&T Bank Corporation had a return on equity of 9.48% and a net margin of 24.10%. M&T Bank Corporation’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.07 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.

M&T Bank Corporation announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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A number of analysts recently issued reports on the company. BidaskClub upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $167.00 price target on shares of M&T Bank Corporation in a research report on Friday, July 21st. Macquarie downgraded M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research report on Friday, August 4th. ValuEngine upgraded M&T Bank Corporation from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $152.00 target price on shares of M&T Bank Corporation in a research report on Tuesday, June 6th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $161.00.

In other M&T Bank Corporation news, VP Michele D. Trolli sold 8,908 shares of the 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 sale, the vice president now owns 23,091 shares of the company’s stock, valued at approximately $3,792,696.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $163.42, for a total value of $196,104.00. Following the completion of the sale, the insider now directly owns 20,217 shares in the company, valued at approximately $3,303,862.14. The disclosure for this sale can be found here. Insiders sold a total of 19,012 shares of company stock worth $3,106,633 in the last ninety days. 3.18% of the stock is owned by corporate 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.

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

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