Rene Jones Sells 19,396 Shares of M&T Bank (NYSE:MTB) Stock

M&T Bank Corporation (NYSE:MTB) CEO Rene Jones sold 19,396 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares in the company, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

M&T Bank Stock Performance

Shares of MTB stock opened at $219.55 on Thursday. The firm has a market cap of $31.71 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 1.27 and a beta of 0.56. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $242.74 and its 200 day moving average is $226.74.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the business earned $4.28 earnings per share. On average, sell-side analysts anticipate that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 1st. M&T Bank’s dividend payout ratio is 31.68%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, July 16th. DA Davidson raised their price target on shares of M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Cantor Fitzgerald lifted their price objective on shares of M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, Evercore set a $260.00 price objective on shares of M&T Bank in a research note on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, M&T Bank has an average rating of “Hold” and an average target price of $255.07.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. QRG Capital Management Inc. boosted its holdings in M&T Bank by 17.4% in the second quarter. QRG Capital Management Inc. now owns 18,237 shares of the financial services provider’s stock worth $4,341,000 after acquiring an additional 2,704 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of M&T Bank by 6.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,192 shares of the financial services provider’s stock valued at $760,000 after acquiring an additional 188 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of M&T Bank by 3.6% during the second quarter. Envestnet Asset Management Inc. now owns 318,844 shares of the financial services provider’s stock valued at $75,888,000 after acquiring an additional 11,169 shares in the last quarter. Andra AP fonden purchased a new position in shares of M&T Bank in the 2nd quarter valued at approximately $4,047,000. Finally, Sequoia Financial Advisors LLC raised its position in shares of M&T Bank by 7.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,239 shares of the financial services provider’s stock valued at $2,199,000 after purchasing an additional 627 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.