In a recent transaction, M&T Bank Corp (NYSE:MTB) Vice Chairman Gary N. Geisel sold 2,490 shares of the company's common stock, amounting to a total value of $537,566. The shares were sold at an average price of $215.89 per share. Following this sale, Geisel holds 16,429 shares directly. The transaction was completed on December 3, 2024, coming amid the stock's impressive 59% year-to-date gain. According to InvestingPro analysis, MTB currently trades below its Fair Value, with a P/E ratio of 15.7 and an attractive dividend yield of 2.55%. For deeper insights into insider transactions and comprehensive financial analysis, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, M&T Bank has been the center of several significant developments. The bank reported a 10% increase in Q3 net income, hitting $721 million, and saw its diluted GAAP earnings per share rise to $4.02. These results were accompanied by an improved CET1 ratio of 11.54%, and an increase in average loans to $134.8 billion. M&T Bank also 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.
Several analyst firms have adjusted their ratings and price targets for M&T Bank. JPMorgan downgraded the stock to Neutral but raised the price target to $223.50, citing a cautious stance towards the bank's future performance. Piper Sandler maintained an Overweight rating and increased its price target to $243 based on higher loan growth expectations and reduced credit costs. Citi, while downgrading the stock to Neutral, increased its price target to $230. DA Davidson kept its Neutral rating and raised its target to $207, and RBC Capital Markets lifted its target to $208 while maintaining an Outperform rating.
These recent developments indicate a mixed outlook from analysts, with some seeing limited catalysts for outperformance, while others maintain a positive stance based on the bank's robust business model and prudent credit management. As always, investors are advised to consider these developments and analysts' projections in the context of their investment strategies.
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