Rene F. Jones Sells 23,071 Shares of M&T Bank Co. (NYSE:MTB) Stock

M&T Bank Co. (NYSE:MTB) CEO Rene F. Jones sold 23,071 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now owns 77,226 shares in the company, valued at approximately $14,972,576.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

M&T Bank Stock Down 1.2 %

NYSE MTB opened at $192.25 on Friday. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $179.30 and its two-hundred day moving average is $162.56. The company has a market capitalization of $32.08 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 2.80 and a beta of 0.75. M&T Bank Co. has a 1-year low of $112.60 and a 1-year high of $200.94.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is 39.97%.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors have recently added to or reduced their stakes in MTB. Wealth Enhancement Advisory Services LLC boosted its holdings in M&T Bank by 5.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the financial services provider’s stock valued at $2,538,000 after purchasing an additional 967 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after acquiring an additional 35,692 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of M&T Bank by 0.6% in the first quarter. State of Alaska Department of Revenue now owns 18,024 shares of the financial services provider’s stock valued at $2,621,000 after acquiring an additional 100 shares during the last quarter. Norden Group LLC bought a new position in shares of M&T Bank in the first quarter valued at approximately $784,000. Finally, First Trust Direct Indexing L.P. raised its stake in shares of M&T Bank by 16.3% in the first quarter. First Trust Direct Indexing L.P. now owns 3,347 shares of the financial services provider’s stock valued at $487,000 after acquiring an additional 470 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research analyst reports. Wedbush raised their target price on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Barclays raised their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Bank of America raised their target price on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Piper Sandler raised their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $198.76.

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 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.