Insider Selling: M&T Bank Co. (NYSE:MTB) CEO Sells $4,473,005.48 in Stock

M&T Bank Co. (NYSE:MTB) CEO Rene F. Jones sold 23,071 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

M&T Bank Stock Down 1.2 %

Shares of NYSE:MTB opened at $192.25 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The company has a market cap of $32.08 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 2.80 and a beta of 0.75. M&T Bank Co. has a 52 week low of $112.60 and a 52 week high of $200.94. The firm has a 50 day simple moving average of $179.30 and a 200 day simple moving average of $162.56.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.81%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Institutional Investors Weigh In On M&T Bank

Several hedge funds have recently made changes to their positions in the company. Hedeker Wealth LLC lifted its position in shares of M&T Bank by 1.6% in the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after acquiring an additional 55 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after buying an additional 57 shares in the last quarter. Crestwood Advisors Group LLC lifted its position in M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares in the last quarter. Finally, Meitav Investment House Ltd. lifted its position in M&T Bank by 3.1% in the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after buying an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on MTB shares. Royal Bank of Canada increased their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Wells Fargo & Company increased their price objective on shares of M&T Bank from $165.00 to $190.00 and gave the company an “underweight” rating in a report on Friday, October 18th. Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. Finally, Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $198.76.

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.