Covington Investment Advisors Lowers stake in M&T Bank Corporation (MTB)

M&T Bank Corporation (MTB) : Covington Investment Advisors reduced its stake in M&T Bank Corporation by 0.68% during the most recent quarter end. The investment management company now holds a total of 32,173 shares of M&T Bank Corporation which is valued at $3.6 Million after selling 220 shares in M&T Bank Corporation , the firm said in a disclosure report filed with the SEC on May 12, 2016.M&T Bank Corporation makes up approximately 1.67% of Covington Investment Advisors’s portfolio.

Other Hedge Funds, Including , Confluence Investment Management boosted its stake in MTB in the latest quarter, The investment management firm added 7,497 additional shares and now holds a total of 69,429 shares of M&T Bank Corporation which is valued at $8 Million. M&T Bank Corporation makes up approx 0.24% of Confluence Investment Management’s portfolio.Financial Partners Capital Management boosted its stake in MTB in the latest quarter, The investment management firm added 471 additional shares and now holds a total of 4,389 shares of M&T Bank Corporation which is valued at $503,374. M&T Bank Corporation makes up approx 0.13% of Financial Partners Capital Management’s portfolio.First Mercantile Trust Co reduced its stake in MTB by selling 600 shares or 12.14% in the most recent quarter. The Hedge Fund company now holds 4,344 shares of MTB which is valued at $513,982. M&T Bank Corporation makes up approx 0.06% of First Mercantile Trust Co’s portfolio.

M&T Bank Corporation opened for trading at $116.57 and hit $117.4399 on the upside on Friday, eventually ending the session at $116.39, with a gain of 0.49% or 0.57 points. The heightened volatility saw the trading volume jump to 3,94,480 shares. Company has a market cap of $18,506 M.

On the company’s financial health, M&T Bank Corporation reported $1.87 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Apr 18, 2016. Analyst had a consensus of $1.89.Analysts expectations of $ 1294.03.During the same quarter in the previous year, the company posted $1.65 EPS.

Investors should note that on May 17, 2016, M&T Bank Corporation announced a cash dividend of $0.7000. The company’s management has announced May 27, 2016 as the ex-dividend date and fixed the record date on Jun 1, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on M&T Bank Corporation. Shares were Downgraded by Robert W. Baird on Apr 21, 2016 to ” Underperform” and Lowered the Price Target to $ 115 from a previous price target of $125 .M&T Bank Corporation was Downgraded by Portales Partners to ” Sector Perform” on Apr 21, 2016. M&T Bank Corporation was Downgraded by Sandler O’Neill to ” Hold” on Apr 19, 2016.

M&T Bank Corporation (M&T) is a bank holding company for M&T Bank and Wilmington Trust National Association (Wilmington Trust N.A.). The Company’s segments include Business Banking Commercial Banking Commercial Real Estate Discretionary Portfolio Residential Mortgage Banking and Retail Banking. The Business Banking segment provides deposit lending cash management and other financial services. The Commercial Banking segment offers credit products and banking services for middle-market and commercial customers. Its Commercial Real Estate segment provides credit and deposit services. The Discretionary Portfolio segment includes investment and trading securities loans and other assets and borrowed funds. The Residential Mortgage Banking segment originates and services residential mortgage loans. The Retail Banking segment offers a range of services to consumers through delivery channels. It operates over 800 retail and commercial branches and 1600 automated teller machines.

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