John P. Barnes, a director at M&T Bank Corp (NYSE:MTB), reported selling a significant portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on November 21, involved the sale of 20,000 shares of common stock, totaling approximately $4.35 million. The shares were sold at prices ranging from $216.33 to $217.63 per share.
Following these transactions, Barnes retains ownership of 35,480 shares directly, while several indirect holdings were reduced to zero. The sales were executed through various accounts, including an IRA and living trusts associated with Barnes and his spouse.
These transactions reflect Barnes' ongoing management of his investment portfolio in M&T Bank, a prominent financial institution headquartered in Buffalo, New York.
In other recent news, M&T Bank has reported a 10% increase in Q3 net income to $721 million, with diluted GAAP earnings per share rising to $4.02. This performance was accompanied by an improved CET1 ratio of 11.54% and an increase in average loans to $134.8 billion. Analyst firms Citi, DA Davidson, and RBC Capital Markets have all updated their stances on M&T Bank. Citi revised its rating from Buy to Neutral, despite raising the price target to $230, citing limited upside potential. DA Davidson held a Neutral stance while increasing its price target to $207, and RBC Capital Markets maintained an Outperform rating, lifting its target to $208. Projections for M&T Bank 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 provide a snapshot of the bank's current financial performance and future expectations.
InvestingPro Insights
The recent insider sale by John P. Barnes at M&T Bank Corp (NYSE:MTB) comes at a time when the company's stock is showing strong performance. According to InvestingPro data, M&T Bank has seen a remarkable 82.55% price total return over the past year, with the stock currently trading near its 52-week high at 98.34% of that peak.
This robust performance is reflected in several InvestingPro Tips. For instance, M&T Bank has raised its dividend for 8 consecutive years and has maintained dividend payments for an impressive 46 consecutive years. This consistency in dividend policy may be attractive to income-focused investors, especially with the current dividend yield at 2.44%.
The company's financial health appears solid, with a market capitalization of $36.96 billion and a P/E ratio of 16.44, suggesting a reasonable valuation relative to earnings. M&T Bank's revenue for the last twelve months as of Q3 2024 stood at $8.499 billion, with an operating income margin of 40.7%, indicating strong profitability.
It's worth noting that while the stock has performed well, InvestingPro Tips also point out that M&T Bank suffers from weak gross profit margins. This could be an area for investors to monitor going forward.
For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for M&T Bank, providing a deeper insight into the company's financial position and market performance.
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