Traders Buy M&T Bank (MTB) on Weakness After Insider Selling

Traders purchased shares of M&T Bank Co. (NYSE:MTB) on weakness during trading on Wednesday after an insider sold shares in the company. $74.47 million flowed into the stock on the tick-up and $23.73 million flowed out of the stock on the tick-down, for a money net flow of $50.74 million into the stock. Of all companies tracked, M&T Bank had the 20th highest net in-flow for the day. M&T Bank traded down ($7.47) for the day and closed at $161.09Specifically, Director Richard H. Jr. Ledgett sold 500 shares of the stock in a transaction on Friday, November 30th. The stock was sold at an average price of $168.40, for a total value of $84,200.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Doris P. Meister sold 800 shares of the stock in a transaction on Friday, November 9th. The shares were sold at an average price of $167.24, for a total value of $133,792.00. Following the completion of the sale, the insider now owns 342 shares in the company, valued at $57,196.08. The disclosure for this sale can be found here. Insiders have sold 3,164 shares of company stock worth $524,899 over the last 90 days. 0.48% of the stock is owned by insiders.

Several analysts have recently issued reports on MTB shares. Keefe, Bruyette & Woods upgraded M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a research note on Monday, September 3rd. Morgan Stanley reduced their price objective on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Zacks Investment Research cut M&T Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. Goldman Sachs Group upgraded M&T Bank from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 26th. Finally, ValuEngine cut M&T Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $184.36.

The firm has a market cap of $22.61 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.02 and a beta of 0.86. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.07 and a quick ratio of 1.07.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, October 17th. The financial services provider reported $3.53 EPS for the quarter, beating the consensus estimate of $3.35 by $0.18. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.50 billion. M&T Bank had a return on equity of 13.15% and a net margin of 26.84%. During the same quarter in the prior year, the company posted $2.21 earnings per share. As a group, analysts anticipate that M&T Bank Co. will post 13.04 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 3rd will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, November 30th. M&T Bank’s dividend payout ratio (DPR) is presently 42.78%.

A number of large investors have recently bought and sold shares of MTB. Dupont Capital Management Corp grew its holdings in shares of M&T Bank by 25.9% during the second quarter. Dupont Capital Management Corp now owns 1,435 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 295 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of M&T Bank by 9.8% during the second quarter. Commonwealth Equity Services LLC now owns 13,584 shares of the financial services provider’s stock worth $2,311,000 after purchasing an additional 1,214 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of M&T Bank by 8,330.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 843 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 833 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of M&T Bank during the second quarter worth about $3,522,000. Finally, Victory Capital Management Inc. grew its holdings in shares of M&T Bank by 11.4% during the second quarter. Victory Capital Management Inc. now owns 20,950 shares of the financial services provider’s stock worth $3,565,000 after purchasing an additional 2,140 shares during the last quarter. 80.67% of the stock is currently owned by hedge funds and other institutional investors.

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M&T Bank Company Profile (NYSE:MTB)

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.

Further Reading: Investing in Growth Stocks

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