Insider Selling: M&T Bank (NYSE:MTB) CEO Sells $4,642,432.60 in Stock

M&T Bank Corporation (NYSE:MTB) CEO Rene Jones sold 19,396 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

M&T Bank Stock Performance

Shares of MTB stock opened at $218.43 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $31.55 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.27 and a beta of 0.56. M&T Bank Corporation has a one year low of $174.76 and a one year high of $255.95. The company has a 50 day moving average price of $242.04 and a 200 day moving average price of $226.80.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the business earned $4.28 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 19.45 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced 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 (DPR) is presently 31.68%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MTB. Commonwealth Retirement Investments LLC grew its position in shares of M&T Bank by 0.4% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock valued at $2,214,000 after buying an additional 44 shares during the last quarter. Wedmont Private Capital raised its position in shares of M&T Bank by 1.0% during the second quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider’s stock worth $1,067,000 after acquiring an additional 45 shares during the last quarter. CX Institutional lifted its stake in shares of M&T Bank by 3.4% in the second quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock worth $393,000 after acquiring an additional 54 shares during the period. Cidel Asset Management Inc. lifted its stake in shares of M&T Bank by 5.4% in the second quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 61 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its holdings in M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock valued at $698,000 after acquiring an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MTB has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on M&T Bank from $251.50 to $265.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. DA Davidson boosted their target price on M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a research report on Tuesday, September 1st. Finally, Cantor Fitzgerald raised their price target on shares of M&T Bank from $262.00 to $285.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $253.82.

About M&T Bank

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.