BUFFALO, NY—M&T Bank Corp’s (NYSE:MTB) Vice President and Controller, John R. Taylor, recently sold 1,436 shares of common stock. The shares were traded at an average price of $195.026 per share, resulting in a total transaction value of approximately $280,057. After this transaction, Taylor’s direct ownership stands at 5,618.392 shares. Additionally, Taylor owns 1,009.728 shares indirectly through his spouse and 1,064 shares through a 401(k) plan, based on information as of September 30, 2024.
In other recent news, M&T Bank was the subject of positive developments following its strong third quarter performance. The bank reported a 10% increase in Q3 revenue, to $721 million, and saw its diluted GAAP earnings per share rise to $4.02. DA Davidson and RBC Capital Markets both adjusted their price targets for M&T Bank stock, with DA Davidson raising it to $207 and RBC Capital Markets raising it to $208. Both companies maintained their neutral and outperform ratings on the bank’s stock.
M&T Bank’s net income exceeded expectations, and the bank saw a decrease in non-performing and critical loans. The bank’s CET1 ratio improved to 11.54%, and average loans grew to $134.8 billion. Projections for the fourth quarter include pre-tax interest income of approximately $1.73 billion, loan growth of approximately $136 billion, and total deposits expected to reach at least $160 billion. These recent events raise the bank’s financial position and stability, while also recognizing the bank’s cautious approach to predicting future profits.
InvestingPro Insights
M&T Bank Corp’s latest selling activity comes at a time when the company’s stock is trading near its 52-week high, at a price of 98.32% from the high. This is in line with one of InvestingPro Tips, which notes that MTB has experienced “significant price increases over the past six months.” Indeed, the data shows an impressive 39.14% price return over the past six months and an even more significant 82.87% return over the past year.
Despite the Senior Vice President’s recent stock sale, M&T Bank Corp continues to demonstrate financial strength. The company’s P/E ratio of 14.54 suggests that it may be reasonably valued relative to its earnings. Additionally, MTB paid a dividend of 2.73%. This long-term commitment to shareholder returns may be attractive to income-oriented investors.
For those seeking a deeper understanding of M&T Bank Corp’s financial health, InvestingPro offers 8 additional tips that can provide valuable insight into investment decisions. These tips, along with real-time metrics, can help investors form a broader view of a company’s prospects in the current market environment.
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