Insider Selling: M&T Bank Co. (NYSE:MTB) EVP Sells $299,526.92 in Stock

M&T Bank Co. (NYSE:MTB) EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $175.69 on Monday. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The stock’s fifty day moving average is $192.44 and its 200 day moving average is $192.15. The stock has a market cap of $28.86 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the company posted $2.74 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.07%. M&T Bank’s dividend payout ratio is currently 36.91%.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after buying an additional 1,761,014 shares in the last quarter. State Street Corp increased its stake in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC increased its stake in M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares in the last quarter. Finally, Norges Bank purchased a new stake in M&T Bank in the 4th quarter worth $317,690,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTB. DA Davidson increased their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Evercore ISI cut their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Truist Financial reiterated a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $222.03.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.