Insider Selling: M&T Bank (NYSE:MTB) EVP Sells 3,105 Shares of Stock

Key Points

• M&T Bank EVP Christopher Kay sold 3,105 shares on May 7 at an average price of $216.50, totaling about $672,233. After the sale, he still held 6,753 shares, and the transaction cut his ownership by 31.5%.
• The company recently posted stronger-than-expected quarterly results, with EPS of $4.18 versus the $4.02 consensus estimate and revenue of $2.44 billion, slightly ahead of expectations.
• M&T Bank is returning capital to shareholders through a new $5 billion stock buyback authorization and a quarterly dividend of $1.50 per share, which implies a 2.9% yield.

M&T Bank Corporation (NYSE:MTB - Get Free Report) EVP Christopher Kay sold 3,105 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

M&T Bank Price Performance

Shares of NYSE MTB traded down $4.17 during midday trading on Monday, reaching $207.97. The company's stock had a trading volume of 1,010,114 shares, compared to its average volume of 1,193,289. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00. The company has a 50 day moving average price of $211.82 and a 200 day moving average price of $206.88. The company has a market cap of $30.46 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.08 and a beta of 0.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The company had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the company posted $3.32 earnings per share. On average, equities research analysts expect that M&T Bank Corporation will post 18.69 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio (DPR) is presently 33.59%.

Wall Street Analyst Weigh In

Several research analysts have commented on MTB shares. JPMorgan Chase & Co. decreased their target price on shares of M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. DA Davidson raised their target price on shares of M&T Bank from $233.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Cantor Fitzgerald decreased their target price on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a report on Friday, April 17th. Piper Sandler raised their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Finally, The Goldman Sachs Group raised their target price on shares of M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a report on Monday, April 6th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $235.32.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MTB. Empowered Funds LLC grew its position in M&T Bank by 11.9% during the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock valued at $607,000 after purchasing an additional 362 shares in the last quarter. Woodline Partners LP grew its position in M&T Bank by 40.7% during the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock valued at $2,506,000 after purchasing an additional 4,054 shares in the last quarter. Lazard Asset Management LLC grew its position in M&T Bank by 24.6% during the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after purchasing an additional 572 shares in the last quarter. MUFG Securities EMEA plc acquired a new stake in M&T Bank in the second quarter valued at approximately $92,000. Finally, Geneos Wealth Management Inc. lifted its stake in M&T Bank by 4.3% in the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock valued at $335,000 after acquiring an additional 71 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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