Laura P. O'Hara, Senior Executive Vice President and Chief Legal Officer at M&T Bank Corp (NYSE:MTB), recently sold a substantial number of shares in the company. According to a filing with the Securities and Exchange Commission, O'Hara sold 4,855 shares of common stock on October 28, 2024, at an average price of approximately $196.93 per share. This transaction amounted to a total value of $956,117.
In addition to the sale, O'Hara exercised options to acquire multiple blocks of M&T Bank Corp shares. These exercises, which were part of an equity incentive compensation plan, involved a total of 4,855 shares at prices ranging from $132.47 to $173.04 per share. Following these transactions, O'Hara holds 5,703 shares in the company.
In other recent news, M&T Bank has been the focus of positive developments. The bank has reported a 10% increase in Q3 net income, reaching $721 million, and saw its diluted GAAP earnings per share rise to $4.02. DA Davidson increased its stock price target for M&T Bank to $207 from $192, maintaining a Neutral stance, while RBC Capital Markets raised the price target from $190 to $208, keeping an Outperform rating.
Both firms highlighted M&T Bank's robust business model, prudent credit management, and strong performance. The bank's total revenues surpassed expectations set during the mid-quarter update, and expenses were within the anticipated range.
M&T 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 are noteworthy for investors keeping an eye on the bank's performance. The bank's CET1 ratio improved to 11.54%, and its average loans grew to $134.8 billion, indicating a solid financial position.
InvestingPro Insights
While Laura P. O'Hara's recent stock sale might raise eyebrows, it's important to consider M&T Bank Corp's overall financial health and market performance. According to InvestingPro data, M&T Bank Corp boasts a market capitalization of $33.02 billion and trades at a price-to-earnings ratio of 14.54, suggesting a relatively modest valuation compared to some peers in the banking sector.
The company's stock has shown remarkable strength, with InvestingPro Tips highlighting a 39.14% price total return over the past six months and an impressive 82.87% return over the last year. This performance aligns with another InvestingPro Tip indicating that M&T Bank is trading near its 52-week high, currently at 98.32% of that peak.
Investors should also note that M&T Bank has a solid track record of shareholder returns. An InvestingPro Tip reveals that the company has maintained dividend payments for 46 consecutive years, demonstrating a commitment to returning value to shareholders even in challenging economic environments. The current dividend yield stands at 2.73%, with a 3.85% dividend growth rate over the last twelve months.
These insights offer context to O'Hara's transactions and suggest that M&T Bank Corp continues to display financial resilience and shareholder-friendly policies. For those seeking a deeper dive into M&T Bank's financials and prospects, InvestingPro offers 8 additional tips that could provide valuable guidance for investment decisions.
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