M&T Bank Co. (NYSE:MTB) Director Denis J. Salamone Sells 10,000 Shares

M&T Bank Co. (NYSE:MTB) Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

M&T Bank Stock Down 0.1 %

Shares of M&T Bank stock traded down $0.16 on Thursday, reaching $168.80. The stock had a trading volume of 919,610 shares, compared to its average volume of 1,013,476. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $28.16 billion, a P/E ratio of 11.42, a P/E/G ratio of 3.45 and a beta of 0.77. The company has a 50 day moving average price of $162.54 and a 200 day moving average price of $150.77. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period in the previous year, the company earned $5.12 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 14.24 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.20%. M&T Bank’s payout ratio is currently 36.51%.

Analysts Set New Price Targets

MTB has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Bank of America boosted their price target on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $183.00 to $215.00 in a report on Tuesday. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Citigroup increased their price target on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $175.85.

Hedge Funds Weigh In On M&T Bank

Several hedge funds have recently made changes to their positions in MTB. Ontario Teachers Pension Plan Board increased its holdings in shares of M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after purchasing an additional 3,739 shares during the period. Leuthold Group LLC purchased a new stake in M&T Bank in the first quarter valued at approximately $3,125,000. Rafferty Asset Management LLC raised its position in M&T Bank by 72.1% during the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after buying an additional 100,526 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

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.