Insider Selling: M&T Bank Co. (NYSE:MTB) Director Sells $4,349,000.00 in Stock

M&T Bank Co. (NYSE:MTB) Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

M&T Bank Stock Up 0.0 %

Shares of NYSE MTB opened at $220.80 on Thursday. M&T Bank Co. has a 1 year low of $123.46 and a 1 year high of $225.70. The firm’s 50-day moving average is $194.82 and its 200-day moving average is $171.05. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $36.64 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Equities analysts expect that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. M&T Bank’s dividend payout ratio is presently 39.97%.

Wall Street Analyst Weigh In

MTB has been the subject of a number of analyst reports. Evercore ISI lifted their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Barclays raised their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their target price on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada lifted their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $206.41.

Hedge Funds Weigh In On M&T Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp boosted its position in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of M&T Bank by 232.1% in the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the period. Los Angeles Capital Management LLC increased its position in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after buying an additional 319,051 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank during the 3rd quarter worth $44,422,000. Institutional investors own 84.68% of the company’s stock.

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.