Insider Selling: M&T Bank Co. (NYSE:MTB) Director Sells 1,000 Shares of Stock

M&T Bank Co. (NYSE:MTB) Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value of $172,230.00. Following the transaction, the director now directly owns 31,796 shares in the company, valued at $5,476,225.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $1.92 during trading on Thursday, reaching $173.60. 1,057,265 shares of the company traded hands, compared to its average volume of 1,048,051. The company’s 50 day moving average is $151.51 and its two-hundred day moving average is $144.50. The firm has a market capitalization of $28.97 billion, a PE ratio of 11.73, a PEG ratio of 4.44 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $176.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the firm earned $5.12 EPS. As a group, sell-side analysts predict that M&T Bank Co. will post 14.16 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.11%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is 36.51%.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently modified their holdings of MTB. HHM Wealth Advisors LLC acquired a new position in shares of M&T Bank during the 4th quarter worth $25,000. General Partner Inc. acquired a new position in shares of M&T Bank during the 1st quarter worth $27,000. Fidelis Capital Partners LLC acquired a new position in shares of M&T Bank during the 1st quarter worth $30,000. CVA Family Office LLC acquired a new position in M&T Bank in the 4th quarter worth about $33,000. Finally, Planned Solutions Inc. acquired a new position in M&T Bank in the 4th quarter worth about $33,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MTB shares. Citigroup boosted their target price on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Bank of America boosted their price target on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research note on Monday. Piper Sandler boosted their price target on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price target on M&T Bank from $180.00 to $183.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Royal Bank of Canada boosted their price target on M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average price target of $170.35.

About M&T Bank

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.