BUFFALO, NY—Rene F. Jones, Chairman of the Board and CEO of M&T Bank Corp (NYSE:MTB), recently sold 23,071 shares of the company's common stock. The shares were sold at a weighted average price of $193.8771, amounting to a total transaction value of approximately $4.47 million.
Following the sale on October 28, Jones retains direct ownership of 77,225.79 shares. Additionally, there were several non-sale transactions involving the transfer of shares as gifts, which were executed at no consideration, reflecting a total of 2,278 shares transferred. These transactions did not involve any monetary exchange.
The sales and transfers were part of Jones' ongoing management of his holdings in the company, which also includes indirect ownership through a 401(k) plan.
In other recent news, M&T Bank has shown robust performance with a 10% increase in Q3 net income, reaching $721 million, and a rise in diluted GAAP earnings per share to $4.02. Analyst firms DA Davidson and RBC Capital Markets have both adjusted their stock price targets for M&T Bank, with DA Davidson raising it to $207 and RBC Capital Markets to $208. Both firms have maintained their neutral and outperform ratings respectively, acknowledging the bank's solid performance and prudent credit management.
M&T Bank's total revenues surpassed expectations and expenses fell within the anticipated range. The bank's capital ratios improved, positioning them at the higher end compared to their peers, and a decrease in nonperforming and criticized loans was noted. The bank's projections for the fourth quarter include a taxable equivalent net interest income of at least $1.73 billion, loan growth reaching approximately $136 billion, and total deposits expected to reach at least $160 billion.
These recent developments highlight the bank's strong financial health and stability, as well as its cautious approach to future earnings projections. The bank's consistent credit performance and strategic financial decisions have been recognized as contributors to its overall solid performance. M&T Bank's robust business model and prudent credit management were key factors in the analysts' positive stance.
InvestingPro Insights
M&T Bank Corp (NYSE:MTB) has been showing strong performance recently, with the stock trading near its 52-week high. According to InvestingPro data, MTB has seen a remarkable 82.87% price total return over the past year, and a 39.14% return in the last six months alone. This upward trend aligns with CEO Rene F. Jones' recent stock sale, potentially indicating a strategic decision to capitalize on the stock's strong performance.
Despite the recent sale by the CEO, M&T Bank Corp continues to demonstrate financial stability. The company boasts a P/E ratio of 14.54, suggesting it may be reasonably valued compared to its earnings. Additionally, MTB has maintained an impressive track record of dividend payments, with InvestingPro Tips highlighting that the bank has raised its dividend for 7 consecutive years and maintained dividend payments for 46 consecutive years. This commitment to shareholder returns is further evidenced by the current dividend yield of 2.73%.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for M&T Bank Corp. These tips could provide valuable context for understanding the company's financial health and future prospects in light of recent insider transactions.
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