BUFFALO, NY—Kevin J. Pearson (LON:PSON), Vice Chairman of M&T Bank Corp (NYSE:MTB), recently executed a significant stock sale, according to a filing with the Securities and Exchange Commission. On November 1, Pearson sold 7,500 shares of M&T Bank common stock, totaling approximately $1.47 million. The transaction was carried out at a weighted average price of $195.88 per share, with individual trades ranging from $195.78 to $196.05.
Following this transaction, Pearson retains direct ownership of 40,502 shares in the company. Additionally, he holds 4,330 shares indirectly through a Grantor Retained Annuity Trust (2020 GRAT) and 3,368 shares through a 401(k) plan. Pearson also maintains 3,621 phantom common stock units under the M&T Bank Corporation Leadership Retirement Savings Plan.
This sale represents a strategic financial decision by Pearson, who continues to hold a substantial stake in M&T Bank, a leading financial institution headquartered in Buffalo, New York.
In other recent news, M&T Bank has been the center 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. 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 and RBC (TSX:RY) Capital Markets have both raised their price targets for M&T Bank, citing the bank's strong performance and prudent credit management. DA Davidson increased its target to $207 from the previous $192, maintaining a neutral stance, while RBC Capital Markets raised its target from $190 to $208, maintaining an outperform rating.
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 serve as noteworthy insights for investors monitoring the bank's performance.
InvestingPro Insights
The recent stock sale by M&T Bank Corp's Vice Chairman Kevin J. Pearson comes at a time when the company's financial performance has been noteworthy. According to InvestingPro data, M&T Bank has demonstrated strong market performance with a 63.44% total return over the past year and a 34% return in the last six months. This aligns with an InvestingPro Tip highlighting the company's "strong return over the last three months."
M&T Bank's financial health is further underscored by its consistent dividend payments. An InvestingPro Tip reveals that the company "has maintained dividend payments for 46 consecutive years," showcasing its commitment to shareholder returns. The current dividend yield stands at 2.8%, with a 3.85% dividend growth rate over the last twelve months.
From a valuation perspective, M&T Bank's P/E ratio of 14.19 suggests a relatively modest valuation compared to some peers in the banking sector. This, coupled with the company's price-to-book ratio of 1.2, may indicate potential value for investors.
For those seeking a deeper understanding of M&T Bank's financial position and future prospects, InvestingPro offers additional insights. The platform provides 9 more tips for MTB, which could be valuable for investors analyzing the stock in light of recent insider transactions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.