Insider Selling: M&T Bank (NYSE:MTB) EVP Sells $672,232.50 in Stock

M&T Bank Corporation (NYSE:MTB) EVP Christopher Kay sold 3,105 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

M&T Bank Trading Down 2.2%

NYSE:MTB opened at $204.06 on Thursday. M&T Bank Corporation has a 1 year low of $174.76 and a 1 year high of $239.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a fifty day moving average price of $210.79 and a two-hundred day moving average price of $207.63. The stock has a market capitalization of $29.88 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.06 and a beta of 0.59.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm earned $3.32 EPS. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.9%. M&T Bank’s payout ratio is currently 33.59%.

M&T Bank declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On M&T Bank

Institutional investors have recently made changes to their positions in the business. LSV Asset Management raised its holdings in M&T Bank by 19.9% in the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock valued at $67,665,000 after acquiring an additional 56,750 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of M&T Bank by 120.3% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider’s stock valued at $3,542,000 after purchasing an additional 9,788 shares in the last quarter. Plato Investment Management Ltd lifted its position in shares of M&T Bank by 54.3% during the third quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider’s stock worth $1,618,000 after purchasing an additional 2,905 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in M&T Bank by 19.1% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,731 shares of the financial services provider’s stock worth $17,140,000 after purchasing an additional 13,889 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in M&T Bank by 64.0% in the third quarter. Fisher Asset Management LLC now owns 36,215 shares of the financial services provider’s stock valued at $7,157,000 after buying an additional 14,135 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MTB shares. Cantor Fitzgerald dropped their target price on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, April 17th. Jefferies Financial Group boosted their price target on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. DA Davidson raised their price target on shares of M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Robert W. Baird boosted their price objective on shares of M&T Bank from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Finally, Piper Sandler lifted their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $235.32.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.