Insider Selling: M&T Bank Co. (NYSE:MTB) Vice Chairman Sells $989,096.60 in Stock

M&T Bank Co. (NYSE:MTB) Vice Chairman Kevin J. Pearson sold 6,095 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the completion of the transaction, the insider now directly owns 47,944 shares in the company, valued at $7,780,352.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

M&T Bank Trading Up 0.9 %

Shares of M&T Bank stock opened at $161.55 on Friday. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $156.41 and a 200 day simple moving average of $147.55. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $176.44. The company has a market capitalization of $26.96 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the firm earned $5.12 earnings per share. On average, sell-side analysts anticipate that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.34%. M&T Bank’s dividend payout ratio is currently 36.51%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. DA Davidson increased their price target on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. JPMorgan Chase & Co. raised their price target on shares of M&T Bank from $180.00 to $183.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $170.00 to $165.00 in a research note on Thursday. Keefe, Bruyette & Woods increased their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research report on Friday, July 19th. Finally, Piper Sandler boosted their target price on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $173.85.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ontario Teachers Pension Plan Board grew its stake in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after purchasing an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in M&T Bank during the first quarter valued at about $3,125,000. Stevens Capital Management LP purchased a new stake in M&T Bank during the fourth quarter worth about $320,000. Smead Capital Management Inc. bought a new stake in M&T Bank in the fourth quarter worth about $59,418,000. Finally, Rafferty Asset Management LLC raised its position in M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after acquiring an additional 100,526 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.