M&T Bank Corporation (MTB) Insider Sells $139,811.50 in Stock
M&T Bank Corporation (NYSE:MTB) insider Sabeth Siddique sold 950 shares of M&T Bank Corporation stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $147.17, for a total transaction of $139,811.50. Following the sale, the insider now directly owns 1,488 shares of the company’s stock, valued at approximately $218,988.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of M&T Bank Corporation (NYSE MTB) traded up 0.99% during mid-day trading on Wednesday, hitting $150.50. 970,039 shares of the company traded hands. The firm has a market cap of $22.87 billion, a price-to-earnings ratio of 17.62 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. The firm has a 50-day moving average price of $155.31 and a 200 day moving average price of $158.60.
M&T Bank Corporation (NYSE:MTB) last announced its earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted $2.07 EPS. M&T Bank Corporation’s revenue was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that M&T Bank Corporation will post $9.27 EPS for the current fiscal year.
M&T Bank Corporation announced that its board has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $900.00 million in shares. This buyback authorization permits the bank to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend is Wednesday, August 30th. M&T Bank Corporation’s dividend payout ratio is presently 35.09%.
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A number of hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Corporation in the first quarter worth approximately $101,000. Dupont Capital Management Corp acquired a new position in M&T Bank Corporation in the second quarter worth approximately $140,000. QCI Asset Management Inc. NY increased its holdings in M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock worth $163,000 after buying an additional 81 shares during the last quarter. Sun Life Financial INC increased its holdings in M&T Bank Corporation by 8,576.9% in the second quarter. Sun Life Financial INC now owns 1,128 shares of the bank’s stock worth $183,000 after buying an additional 1,115 shares during the last quarter. Finally, Mosaic Family Wealth LLC increased its holdings in M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock worth $180,000 after buying an additional 33 shares during the last quarter. 78.40% of the stock is owned by institutional investors.
Several equities analysts recently issued reports on MTB shares. Royal Bank Of Canada reissued a “buy” rating and set a $168.00 price objective on shares of M&T Bank Corporation in a report on Thursday, May 18th. ValuEngine raised shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley reissued an “equal weight” rating and set a $152.00 price objective on shares of M&T Bank Corporation in a report on Tuesday, June 6th. BidaskClub raised shares of M&T Bank Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Finally, Zacks Investment Research lowered shares of M&T Bank Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 19th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. M&T Bank Corporation presently has a consensus rating of “Hold” and an average price target of $161.00.
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.
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