In a recent filing with the Securities and Exchange Commission, Kirk W. Walters, a director at M&T Bank Corp (NYSE:MTB), sold a significant portion of his holdings in the company. On May 9th and 10th, Walters executed sales transactions totaling over $3.4 million.
Walters sold a total of 15,050 shares of M&T Bank Corp common stock at prices ranging from $152.39 to $153.2099, with the total value of the sales transactions amounting to approximately $3,477,312. These transactions were executed in multiple trades, and the reported prices represent the weighted average sale price.
Additionally, on May 9th, Walters acquired 7,767 shares through an option exercise at a price of $149.39 per share, which amounted to a total transaction value of $1,160,312. Following these transactions, Walters' direct holdings in M&T Bank Corp common stock decreased significantly.
Investors often monitor insider buying and selling as it can provide insights into how executives view the company's stock value and future performance. The sale of shares by a director like Walters may be of particular interest to current and potential shareholders.
M&T Bank Corp, headquartered in Buffalo, New York, is a financial services company offering a range of services including banking, mortgages, and loans. The company has a strong presence in the Northeastern United States and has been a stable institution in the banking sector.
The transactions were disclosed in accordance with SEC regulations, and full details regarding the number of shares and the prices at which the transactions were effected are available upon request from the SEC or the security holder of the issuer.
InvestingPro Insights
Amid the recent insider transactions at M&T Bank Corp (NYSE:MTB), the company's financial health and market performance provide additional context for investors. With a market capitalization of $25.65 billion and a P/E ratio standing at 10.34, M&T Bank demonstrates a valuation that may be attractive to investors looking for stable earnings at a reasonable price. Notably, the company has a PEG ratio over the last twelve months as of Q1 2024 of 0.67, which suggests that its share price is potentially undervalued relative to its earnings growth.
Investors tracking dividend reliability will find reassurance in M&T Bank's track record, as highlighted by two key InvestingPro Tips: the company has raised its dividend for 7 consecutive years and has maintained dividend payments for an impressive 46 consecutive years. This consistency in returning value to shareholders is a testament to M&T Bank's financial discipline and commitment to its investors.
Moreover, the company's stock has experienced a significant price uptick over the last six months, with a 34.09% total return, and it is trading near its 52-week high, at 99.21% of the peak price. For those interested in the stock's recent performance, M&T Bank has also shown strong returns over the last month and three months, with 14.19% and 16.86% total returns, respectively.
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