M&T Bank Co. (NYSE:MTB – Get Rating)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $122.09, but opened at $125.70. M&T Bank shares last traded at $125.66, with a volume of 138,648 shares traded.
Specifically, CFO Daryl N. Bible purchased 10,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were purchased at an average price of $120.61 per share, for a total transaction of $1,206,100.00. Following the completion of the purchase, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $1,206,100. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Rudina Seseri sold 700 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $118.40, for a total transaction of $82,880.00. Following the transaction, the director now directly owns 1,736 shares in the company, valued at $205,542.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daryl N. Bible bought 10,000 shares of the stock in a transaction dated Thursday, June 1st. The stock was purchased at an average cost of $120.61 per share, with a total value of $1,206,100.00. Following the completion of the purchase, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $1,206,100. The disclosure for this purchase can be found here. Corporate insiders own 0.97% of the company’s stock.
Analyst Upgrades and Downgrades
MTB has been the topic of several recent analyst reports. Royal Bank of Canada reduced their price objective on shares of M&T Bank from $190.00 to $183.00 and set an “outperform” rating on the stock in a research note on Friday, March 24th. JPMorgan Chase & Co. decreased their price objective on M&T Bank from $160.00 to $125.00 in a report on Thursday, April 6th. Citigroup raised M&T Bank from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $178.00 to $155.00 in a research report on Monday, March 27th. DA Davidson cut their price objective on shares of M&T Bank from $141.00 to $138.00 in a research report on Tuesday, April 18th. Finally, Wolfe Research downgraded shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a research note on Thursday, March 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $163.74.
M&T Bank Stock Performance
M&T Bank (NYSE:MTB – Get Rating) last released its earnings results on Monday, April 17th. The financial services provider reported $4.01 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.03. M&T Bank had a return on equity of 11.97% and a net margin of 23.20%. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the prior year, the company posted $2.73 EPS. As a group, equities analysts forecast that M&T Bank Co. will post 16.82 EPS for the current year.
M&T Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 1st will be paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Wednesday, May 31st. M&T Bank’s dividend payout ratio (DPR) is presently 40.28%.
Hedge Funds Weigh In On M&T Bank
Institutional investors have recently added to or reduced their stakes in the stock. Clear Street Markets LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at approximately $25,000. Quarry LP acquired a new position in shares of M&T Bank during the first quarter valued at about $27,000. Sunbelt Securities Inc. purchased a new stake in shares of M&T Bank in the first quarter valued at about $27,000. Janiczek Wealth Management LLC boosted its stake in shares of M&T Bank by 358.2% in the 1st quarter. Janiczek Wealth Management LLC now owns 252 shares of the financial services provider’s stock worth $29,000 after buying an additional 197 shares during the last quarter. Finally, Affiance Financial LLC purchased a new stake in shares of M&T Bank during the 4th quarter valued at $35,000. 84.10% of the stock is currently owned by institutional investors and hedge funds.
M&T Bank Company Profile
M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that offer retail and commercial banking products and services in the United States. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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