Kirk W. Walters sells 21,116 shares of M&T Bank Co. (NYSE: MTB)

August 13, 2022

Montana Lending

Comments Off on Kirk W. Walters sells 21,116 shares of M&T Bank Co. (NYSE: MTB)

M&T Bank Co. (NYSE: MTBGet a rating) Director Kirk W. Walters sold 21,116 shares of the company in a trade on Tuesday, August 9. The shares were sold at an average price of $180.00, for a total transaction of $3,800,880.00. Following the completion of the sale, the administrator now directly owns 6,134 shares of the company, valued at $1,104,120. The transaction was disclosed in an SEC filing, which is available via this hyperlink.

M&T Bank shares up 1.6%

Shares of MTB opened at $189.82 on Friday. The stock has a market capitalization of $34.06 billion, a PE ratio of 17.64, a P/E/G ratio of 0.82 and a beta of 0.91. M&T Bank Co. has a 1-year low of $131.42 and a 1-year high of $189.88. The company has a debt ratio of 0.13, a quick ratio of 1.05 and a current ratio of 0.98. The company’s 50-day simple moving average is $167.40 and its 200-day simple moving average is $171.25.

M&T Bank (NYSE: MTBGet a rating) last released its quarterly results on Wednesday, July 20. The financial services provider reported earnings per share (EPS) of $1.08 for the quarter, missing the consensus estimate of $2.75 per ($1.67). M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. During the same quarter last year, the company posted EPS of $3.45. Analysts expect M&T Bank Co. to post earnings per share of 15.21 for the current fiscal year.

M&T Bank said its board authorized a stock repurchase plan on Tuesday, July 19 that sees the company repurchase $3.00 billion of outstanding stock. This repurchase authorization allows the financial services provider to repurchase up to 9.7% of its shares through purchases on the open market. Stock repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.

M&T Bank announces dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 30. Investors of record on Wednesday, June 1 received a dividend of $1.20. The ex-dividend date was Tuesday, May 31. This represents an annualized dividend of $4.80 and a yield of 2.53%. M&T Bank’s dividend payout ratio (DPR) is 44.61%.

Changes to analyst ratings

Several analysts have recently commented on MTB shares. Piper Sandler raised her price target on M&T Bank shares from $200.00 to $210.00 in a Wednesday, April 20 research note. cut M&T Bank shares from a “hold” rating to a “sell” rating in a research note on Friday. JPMorgan Chase & Co. cut its price target on M&T Bank shares from $200.00 to $195.00 and set a “neutral” rating for the company in a Friday, July 1 research note. Robert W. Baird upgraded M&T Bank shares from a ‘neutral’ rating to an ‘outperforming’ rating and raised his price target for the stock from $175.00 to $200.00 in a research report Friday, June 17. Finally, Citigroup raised its price target on M&T Bank shares to $200.00 in a Friday, July 22 research report. One analyst rated the stock with a sell rating, four gave the company a hold rating and eight gave the company a buy rating. Based on MarketBeat data, M&T Bank currently has a consensus rating of “Moderate Buy” and an average target price of $198.71.

Hedge funds weigh on M&T Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Riverview Trust Co acquired a new position in M&T Bank in Q1 worth approximately $27,000. WASHINGTON TRUST Co increased its holdings in M&T Bank by 77.4% in the 2nd quarter. WASHINGTON TRUST Co now owns 188 shares of the financial services provider worth $30,000 after acquiring 82 additional shares during the period. Bank of New Hampshire bought a new position in M&T Bank in Q1 for about $34,000. Cordasco Financial Network bought a new position in M&T Bank in Q1 worth around $34,000. Finally, JW Cole Advisors Inc. bought a new position in M&T Bank in Q1 worth around $34,000. 87.61% of the shares are currently held by hedge funds and other institutional investors.

About M&T Bank

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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