Sky Investment Group LLC Lowers Stake in M&T Bank Corporation (MTB)

Sky Investment Group LLC cut its position in shares of M&T Bank Corporation (NYSE:MTB) by 0.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 26,165 shares of the bank’s stock after selling 137 shares during the period. M&T Bank Corporation accounts for about 1.8% of Sky Investment Group LLC’s investment portfolio, making the stock its 22nd largest position. Sky Investment Group LLC’s holdings in M&T Bank Corporation were worth $4,237,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of MTB. BlackRock Inc. boosted its stake 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 last quarter. JPMorgan Chase & Co. boosted its stake 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 last quarter. Geode Capital Management LLC boosted its stake 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 last quarter. American Century Companies Inc. boosted its stake 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 last quarter. Finally, Wells Fargo & Company MN boosted its stake 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 last quarter. Institutional investors own 79.63% of the company’s stock.

M&T Bank Corporation (NYSE MTB) opened at 156.60 on Friday. The stock has a market cap of $23.79 billion, a PE ratio of 18.33 and a beta of 0.77. The company has a 50-day moving average price of $162.38 and a 200-day moving average price of $160.81. M&T Bank Corporation has a 52 week low of $112.25 and a 52 week high of $173.72.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings data 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. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the company earned $2.07 earnings per share. Analysts anticipate that M&T Bank Corporation will post $9.27 earnings per share for the current year.

M&T Bank Corporation declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the bank to purchase 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 stock is undervalued.

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MTB has been the topic of a number of recent research reports. BidaskClub upgraded M&T Bank Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Zacks Investment Research upgraded shares of 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 cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. ValuEngine upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Instinet cut their price objective on shares of 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 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 stock. The company currently has an average rating of “Hold” and a consensus price target of $161.00.

In related news, insider Robert J. Bojdak sold 1,200 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total transaction of $196,104.00. Following the completion of the transaction, the insider now directly owns 20,217 shares of the company’s stock, valued at $3,303,862.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michele D. Trolli sold 8,908 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $164.25, for a total value of $1,463,139.00. Following the transaction, the vice president now directly owns 23,091 shares of the company’s stock, valued at $3,792,696.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,012 shares of company stock valued at $3,106,633. 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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