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

Key Points

• M&T Bank CEO Rene Jones sold 19,396 shares at an average price of $239.35, generating $4.64 million. The transaction was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 103,831 shares.
• M&T Bank reported quarterly earnings of $5.35 per share, exceeding estimates of $4.66, while revenue reached $2.53 billion versus expectations of $2.46 billion.
• The bank announced a quarterly dividend of $1.50 per share, equivalent to $6.00 annually and a 2.6% yield. Analysts collectively rate the stock “Hold,” with an average price target of $255.97.

M&T Bank Corporation (NYSE:MTB - Get Free Report) CEO Rene Jones sold 19,396 shares of the firm'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 transaction, the chief executive officer directly owned 103,831 shares of the company's stock, valued at $24,851,949.85. This represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

M&T Bank Stock Performance

Shares of MTB opened at $226.98 on Tuesday. The company has a market capitalization of $32.78 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 1.29 and a beta of 0.56. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $243.69 and a 200 day moving average price of $226.69.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter last year, the company earned $4.28 earnings per share. Research analysts predict that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's dividend payout ratio is 31.68%.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in shares of M&T Bank by 7.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,239 shares of the financial services provider's stock worth $2,199,000 after acquiring an additional 627 shares in the last quarter. WINTON GROUP Ltd raised its holdings in shares of M&T Bank by 310.3% during the second quarter. WINTON GROUP Ltd now owns 23,159 shares of the financial services provider's stock valued at $5,512,000 after acquiring an additional 17,515 shares during the period. Cidel Asset Management Inc. lifted its position in shares of M&T Bank by 5.4% in the 2nd quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 61 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its stake in M&T Bank by 13.8% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,119 shares of the financial services provider's stock worth $266,000 after purchasing an additional 136 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in M&T Bank by 17.0% in the 2nd quarter. NewEdge Advisors LLC now owns 17,458 shares of the financial services provider's stock worth $4,155,000 after purchasing an additional 2,540 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MTB. Evercore set a $260.00 target price on shares of M&T Bank in a research report on Monday, July 6th. Morgan Stanley upgraded shares of M&T Bank from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $253.00 to $304.00 in a report on Tuesday, September 8th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a report on Thursday, July 16th. Finally, Robert W. Baird upped their price target on shares of M&T Bank from $240.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $255.97.

M&T Bank Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.