Insider Selling: M&T Bank Corporation (NYSE:MTB) Director Sells $1,229,584.00 in Stock

M&T Bank Corporation (NYSE:MTB) Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director now owns 23,070 shares of the company’s stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

M&T Bank Price Performance

Shares of MTB opened at $181.39 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $175.68 and a 200 day simple moving average of $184.73. M&T Bank Corporation has a 52-week low of $145.25 and a 52-week high of $225.70. The firm has a market capitalization of $29.12 billion, a PE ratio of 12.15, a P/E/G ratio of 1.29 and a beta of 0.62.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the firm posted $3.09 earnings per share. Sell-side analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be given a $1.35 dividend. The ex-dividend date is Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.98%. M&T Bank’s dividend payout ratio is presently 36.17%.

Analyst Ratings Changes

A number of brokerages recently commented on MTB. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a research report on Thursday, April 24th. Wells Fargo & Company lowered their price objective on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research report on Tuesday, April 15th. Barclays lowered their price objective on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 15th. Truist Financial lowered their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of “Moderate Buy” and an average target price of $212.53.

Hedge Funds Weigh In On M&T Bank

Several institutional investors and hedge funds have recently modified their holdings of MTB. Empowered Funds LLC grew its position in shares of M&T Bank by 9.6% in the 4th quarter. Empowered Funds LLC now owns 3,034 shares of the financial services provider’s stock valued at $570,000 after purchasing an additional 267 shares during the period. Kestra Private Wealth Services LLC lifted its stake in M&T Bank by 73.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 2,454 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 1,039 shares in the last quarter. Van ECK Associates Corp lifted its stake in M&T Bank by 1,262.9% in the 4th quarter. Van ECK Associates Corp now owns 22,175 shares of the financial services provider’s stock valued at $4,169,000 after acquiring an additional 20,548 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in M&T Bank by 0.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,145 shares of the financial services provider’s stock valued at $12,517,000 after acquiring an additional 460 shares in the last quarter. Finally, Valeo Financial Advisors LLC bought a new stake in M&T Bank in the 4th quarter valued at approximately $297,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.