Kirk Walters, a director at M&T Bank Corp (NYSE:MTB), has recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Walters sold shares valued at approximately $3.46 million. The sales were executed at prices ranging from $204.00 to $210.22 per share.
The transactions, which took place on November 6, 2024, involved multiple trades. Walters sold a total of 16,635 shares across various transactions, with some shares held directly and others through Gus & Bonnie, LLC. Following these sales, Walters' direct holdings in M&T Bank Corp are reported to be 2,108 shares, while his indirect holdings through Gus & Bonnie, LLC have been reduced significantly.
These transactions come as M&T Bank Corp continues to navigate a challenging economic environment, with the financial sector facing ongoing scrutiny and regulatory changes. Investors will be watching closely to see how these sales might impact the company's stock performance in the coming weeks.
In other recent news, M&T 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. This performance was accompanied by improved capital ratios, loan growth, and a positive outlook for the remainder of the year. The bank's CET1 ratio improved to 11.54%, and its average loans grew to $134.8 billion. DA Davidson adjusted its stock price target for M&T Bank, increasing it to $207 from the previous $192, while keeping a Neutral stance on the stock. RBC (TSX:RY) Capital Markets also raised the price target for M&T Bank from $190 to $208, maintaining an Outperform rating. Both firms acknowledged the bank's strong performance and prudent credit management. 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 are noteworthy for investors keeping an eye on the bank's performance.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on M&T Bank Corp's performance and market position, providing context to the recent insider sale by director Kirk Walters.
M&T Bank Corp currently boasts a market capitalization of $34.87 billion, with a price-to-earnings ratio of 15.53, indicating a relatively moderate valuation compared to industry peers. The company's stock has shown remarkable strength recently, with InvestingPro data revealing a 17.96% price return over the past month and an impressive 81.98% return over the last year.
An InvestingPro Tip highlights that M&T Bank has raised its dividend for 7 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the company's current dividend yield of 2.58%. Another InvestingPro Tip notes that the stock is trading near its 52-week high, with the current price at 96.6% of the highest point over the past year.
These positive indicators suggest that despite the insider sale, M&T Bank Corp maintains a strong market position. The company's consistent dividend growth and recent stock performance may provide reassurance to investors concerned about the implications of Walters' share disposal.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for M&T Bank Corp, providing deeper insights into the company's financial health and market prospects.
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