BUFFALO, NY—M&T Bank Corp's (NYSE:MTB) Executive Vice President and Controller, John R. Taylor, recently sold 1,436 shares of common stock. The shares were sold at an average price of $195.026 per share, resulting in a total transaction value of approximately $280,057. Following this transaction, Taylor's direct ownership stands at 5,618.392 shares. Additionally, Taylor holds 1,009.728 shares indirectly through his spouse and 1,064 shares via a 401(k) plan, based on information as of September 30, 2024.
In other recent news, M&T Bank has been the subject of positive developments following their solid third-quarter performance. 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. DA Davidson and RBC (TSX:RY) Capital Markets have both adjusted their stock price targets for M&T Bank, with DA Davidson lifting it to $207 and RBC Capital Markets raising it to $208. Both firms maintained their respective Neutral and Outperform ratings on the bank's stock.
M&T Bank's total revenues surpassed expectations, and the bank has seen a decrease in nonperforming and criticized loans. The bank's CET1 ratio improved to 11.54%, and its average loans grew to $134.8 billion. 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 suggest the bank's financial health and stability, while also recognizing the bank's cautious approach to its future earnings projections.
InvestingPro Insights
M&T Bank Corp's recent insider selling activity comes at a time when the company's stock is trading near its 52-week high, with a price that is 98.32% of its peak. This aligns with one of the InvestingPro Tips, which notes that MTB has experienced a "large price uptick over the last six months." Indeed, the data shows an impressive 39.14% price total return over the past six months and an even more substantial 82.87% return over the last year.
Despite the recent stock sale by the Executive Vice President, 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 compared to its earnings. Additionally, MTB boasts a dividend yield of 2.73%, with an InvestingPro Tip highlighting that the bank "has maintained dividend payments for 46 consecutive years." This long-standing commitment to shareholder returns could be attractive to income-focused investors.
For those seeking a deeper understanding of M&T Bank Corp's financial health, InvestingPro offers 8 additional tips that could provide valuable insights for investment decisions. These tips, along with real-time metrics, can help investors form a more comprehensive view of the company's prospects in the current market environment.
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