Christopher E. Kay Sells 1,738 Shares of M&T Bank Co. (NYSE:MTB) Stock

M&T Bank Co. (NYSE:MTB) EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

M&T Bank Trading Up 3.1 %

Shares of M&T Bank stock opened at $175.69 on Friday. The firm has a 50-day moving average of $192.44 and a 200-day moving average of $191.83. The stock has a market cap of $28.86 billion, a PE ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm earned $2.74 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has authorized a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.07%. M&T Bank’s dividend payout ratio is 36.91%.

Analyst Ratings Changes

MTB has been the topic of a number of recent research reports. Truist Financial reiterated a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Piper Sandler boosted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Finally, Morgan Stanley lowered their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $222.03.

Institutional Investors Weigh In On M&T Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. lifted its position in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares during the period. Flagship Harbor Advisors LLC raised its stake in M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 1,295 shares in the last quarter. Summit Trail Advisors LLC acquired a new position in M&T Bank during the fourth quarter worth about $290,000. US Bancorp DE raised its stake in M&T Bank by 24.3% during the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after acquiring an additional 1,639 shares in the last quarter. Finally, Smead Capital Management Inc. raised its stake in M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after acquiring an additional 16,657 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.