BUFFALO, NY—John P. Barnes, a director at M&T Bank Corp (NYSE:MTB), recently sold 20,000 shares of the company's stock. The sale, conducted on October 22, was executed at an average price of $193.97 per share, resulting in a total transaction value of approximately $3.88 million.
Following this transaction, Barnes holds 49,960 shares indirectly through the John P. Barnes Living Trust. The sale was executed in multiple trades, with prices ranging from $193.74 to $194.16 per share, according to a footnote in the filing.
M&T Bank Corp, headquartered in Buffalo, NY, continues to be a significant player in the state commercial banking sector.
In other recent news, M&T Bank has experienced a series of positive developments. The bank reported a 10% increase in Q3 net income, reaching $721 million, and saw its diluted GAAP earnings per share rise to $4.02. Improved capital ratios, loan growth, and a positive outlook for the remainder of the year marked this performance. In particular, M&T Bank's CET1 ratio improved to 11.54%, and its average loans grew to $134.8 billion.
Analyst firms DA Davidson and RBC Capital Markets have both adjusted their stock price targets for M&T Bank, acknowledging the bank's strong performance. DA Davidson increased its target to $207 from $192, maintaining a neutral stance, while RBC Capital Markets raised its target from $190 to $208, maintaining an outperform rating. Both firms noted M&T Bank's robust business model, prudent credit management, and conservative outlook as key factors in their assessments.
Looking ahead, M&T Bank's projections include a fourth-quarter 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 and projections are noteworthy for investors monitoring the bank's performance.
InvestingPro Insights
The recent stock sale by M&T Bank Corp (NYSE:MTB) director John P. Barnes aligns with several key financial indicators and trends for the company. According to InvestingPro data, M&T Bank's stock has shown impressive performance, with a one-year price total return of 80.92% as of the latest available data. This strong performance is reflected in the stock trading near its 52-week high, at 96.6% of that peak.
M&T Bank's financial health appears robust, with a market capitalization of $32.43 billion and a price-to-earnings ratio of 14.3, suggesting a relatively attractive valuation compared to earnings. The company's dividend policy is particularly noteworthy. An InvestingPro Tip highlights that M&T Bank has raised its dividend for 7 consecutive years, demonstrating a commitment to shareholder returns. Additionally, the company boasts a dividend yield of 2.79%, which may appeal to income-focused investors.
Despite the recent insider sale, M&T Bank's fundamentals seem solid. The company reported an operating income margin of 40.7% for the last twelve months, indicating strong profitability. Another InvestingPro Tip notes that analysts predict the company will remain profitable this year, which could support continued investor confidence.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights on M&T Bank. The platform currently lists 8 more tips that could provide valuable context for investors evaluating the stock's potential.
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