Ameriprise Financial Inc. Sells 67,808 Shares of M&T Bank Corporation (MTB)

Ameriprise Financial Inc. decreased its holdings in M&T Bank Corporation (NYSE:MTB) by 12.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 494,344 shares of the bank’s stock after selling 67,808 shares during the quarter. Ameriprise Financial Inc. owned 0.32% of M&T Bank Corporation worth $80,058,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. QCI Asset Management Inc. NY raised its stake in shares of M&T Bank Corporation by 0.3% in the 2nd quarter. QCI Asset Management Inc. NY now owns 1,059 shares of the bank’s stock valued at $171,000 after buying an additional 3 shares in the last quarter. LVW Advisors LLC raised its stake in shares of M&T Bank Corporation by 0.8% in the 1st quarter. LVW Advisors LLC now owns 3,298 shares of the bank’s stock valued at $532,000 after buying an additional 25 shares in the last quarter. NGAM Advisors L.P. raised its stake in shares of M&T Bank Corporation by 0.4% in the 2nd quarter. NGAM Advisors L.P. now owns 15,523 shares of the bank’s stock valued at $2,514,000 after buying an additional 57 shares in the last quarter. Mosaic Family Wealth LLC raised its stake in shares of M&T Bank Corporation by 5.3% in the 2nd quarter. Mosaic Family Wealth LLC now owns 1,225 shares of the bank’s stock valued at $198,000 after buying an additional 62 shares in the last quarter. Finally, Boston Private Wealth LLC raised its stake in shares of M&T Bank Corporation by 2.6% in the 2nd quarter. Boston Private Wealth LLC now owns 2,681 shares of the bank’s stock valued at $434,000 after buying an additional 67 shares in the last quarter. Institutional investors own 78.35% of the company’s stock.

Shares of M&T Bank Corporation (MTB) opened at 151.67 on Tuesday. The firm has a 50-day moving average of $154.25 and a 200 day moving average of $158.08. The firm has a market cap of $23.04 billion, a PE ratio of 17.75 and a beta of 0.79. 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 released its quarterly earnings data on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $2.07 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. On average, equities analysts predict that M&T Bank Corporation will post $9.27 earnings per share for the current year.

M&T Bank Corporation declared that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed 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. This represents a $3.00 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Wednesday, August 30th. M&T Bank Corporation’s dividend payout ratio is currently 35.09%.

A number of equities analysts have recently issued reports on the stock. Instinet restated a “neutral” rating and issued a $144.00 price objective on shares of M&T Bank Corporation in a research note on Wednesday, July 12th. BidaskClub upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Jefferies Group LLC upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating and increased their price objective for the company from $174.00 to $186.00 in a research note on Tuesday, July 11th. Zacks Investment Research cut shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Macquarie cut shares of M&T Bank Corporation from a “neutral” rating to an “underperform” rating in a research note on Friday, August 4th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $161.24.

In other news, insider Robert J. Bojdak sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $163.42, for a total value of $196,104.00. Following the completion of the transaction, the insider now owns 20,217 shares of the company’s stock, valued at $3,303,862.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michele D. Trolli sold 8,908 shares of the company’s 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 completion of the transaction, the vice president now directly 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 sold 11,058 shares of company stock valued at $1,799,055 in the last ninety days. 3.18% of the stock is currently owned by insiders.

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M&T Bank Corporation 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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