Key Points
- CEO Rene Jones sold 19,396 M&T Bank shares at an average price of $239.35, generating approximately $4.64 million. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, reducing his direct ownership by 15.74%.
- M&T Bank reported quarterly earnings of $5.35 per share, beating analyst expectations of $4.66, while revenue of $2.53 billion also exceeded estimates.
- The company declared a quarterly dividend of $1.50 per share, equivalent to $6.00 annually and a 2.7% yield. Analysts collectively rate the stock “Hold,” with a consensus price target of $255.97.
M&T Bank Corporation (NYSE:MTB - Get Free Report) CEO Rene Jones sold 19,396 shares of the company's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares in the company, valued at $24,851,949.85. This trade represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
M&T Bank Price Performance
MTB opened at $223.48 on Wednesday. The stock has a market cap of $32.28 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.29 and a beta of 0.56. M&T Bank Corporation has a 1 year low of $174.76 and a 1 year high of $255.95. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $243.32 and a 200 day moving average price of $226.72.
M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the firm posted $4.28 EPS. Analysts forecast that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.
M&T Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. M&T Bank's dividend payout ratio is currently 31.68%.
Wall Street Analyst Weigh In
A number of analysts have issued reports on MTB shares. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price for the company. in a research note on Thursday, July 23rd. Weiss Ratings restated a "buy (b)" rating on shares of M&T Bank in a research note on Tuesday, September 1st. 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. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Monday, July 20th. Finally, Evercore set a $260.00 price objective on shares of M&T Bank in a report on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $255.97.
View Our Latest Report on M&T Bank
Institutional Investors Weigh In On M&T Bank
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in M&T Bank in the second quarter valued at approximately $330,978,000. Davis Asset Management L.P. acquired a new stake in M&T Bank during the 2nd quarter worth $97,584,000. Squarepoint Ops LLC raised its position in shares of M&T Bank by 718.5% during the 2nd quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider's stock valued at $53,409,000 after acquiring an additional 196,982 shares during the last quarter. Danske Bank A S bought a new stake in shares of M&T Bank during the 2nd quarter valued at $34,683,000. Finally, Susquehanna Fundamental Investments LLC lifted its stake in shares of M&T Bank by 205.4% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider's stock valued at $26,313,000 after purchasing an additional 74,353 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.
M&T Bank Company Profile
(
Get Free Report)
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.
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