Denis J. Salamone, a director at M&T Bank Corp (NYSE:MTB), recently sold 10,000 shares of the company’s common stock. The shares were sold at an average price of approximately $223.41, totaling $2,234,052. Following this transaction, Salamone holds 34,902 shares directly, with additional indirect holdings of 7,917 shares through an IRA and 15,200 shares through GRAT #2. The sale was executed on November 25, 2024, as detailed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, M&T Bank has been the subject of several significant financial developments. The bank reported a 10% increase in Q3 net income, amounting to $721 million, and saw its diluted GAAP earnings per share rise to $4.02. Furthermore, M&T Bank's CET1 ratio improved to 11.54%, and its average loans increased to $134.8 billion.
Financial services firm Piper Sandler increased its price target on shares of M&T Bank to $243, retaining an Overweight rating. This adjustment was based on higher loan growth expectations and reduced credit costs due to an improved macroeconomic environment. Meanwhile, Citi downgraded M&T Bank's stock from Buy to Neutral but increased the price target to $230. DA Davidson and RBC (TSX:RY) Capital Markets also adjusted their stock price targets for M&T Bank to $207 and $208, respectively, while maintaining their current ratings on the stock.
Looking ahead, M&T Bank projects 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 are noteworthy for investors monitoring the bank's performance.
InvestingPro Insights
In light of Denis J. Salamone's recent stock sale, it's worth noting that M&T Bank Corp (NYSE:MTB) has been experiencing a strong market performance. According to InvestingPro data, the company's stock has shown impressive returns, with a 1-year price total return of 83.54% as of the latest available data. This aligns with an InvestingPro Tip indicating that MTB has had a high return over the last year.
The bank's financial health appears robust, with a market capitalization of $36.67 billion and a P/E ratio of 16.27, suggesting a reasonable valuation relative to earnings. MTB's dividend policy is particularly noteworthy, as highlighted by two InvestingPro Tips: the company has maintained dividend payments for 46 consecutive years and has raised its dividend for 8 consecutive years. This demonstrates a strong commitment to shareholder returns, which may be attractive to long-term investors.
Despite the recent insider sale, MTB's stock is trading near its 52-week high, with the current price at 97.98% of the 52-week high. This strength is further supported by the company's profitability over the last twelve months, as noted in another InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 11 more tips available for M&T Bank Corp, providing a deeper understanding of the company's financial position and market performance.
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