Christopher E. Kay Sells 1,738 Shares of M&T Bank Co. (NYSE:MTB) Stock

M&T Bank Co. (NYSE:MTB) EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

M&T Bank Stock Up 3.1 %

Shares of NYSE MTB opened at $175.69 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The company has a market cap of $28.86 billion, a P/E ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a 50-day simple moving average of $192.44 and a two-hundred day simple moving average of $192.15.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the firm earned $2.74 earnings per share. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has authorized a stock buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

Analysts Set New Price Targets

MTB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley dropped their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Finally, Evercore ISI dropped their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $222.03.

Institutional Trading of M&T Bank

Several institutional investors and hedge funds have recently modified their holdings of MTB. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $29,000. Plato Investment Management Ltd raised its stake in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in M&T Bank in the third quarter worth approximately $32,000. Banque Transatlantique SA bought a new position in M&T Bank in the fourth quarter worth approximately $38,000. Finally, Y.D. More Investments Ltd raised its stake in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.