In a recent transaction reported on July 23, 2024, Gary N. Geisel, Vice Chairman of M&T Bank Corp (NYSE:MTB), sold 500 shares of the company's common stock. The sale was executed at a weighted average price of approximately $172.50 per share, resulting in a total value of $86,249.
This transaction was conducted in multiple trades with prices ranging from $172.4888 to $172.505, according to a footnote in the filing. The weighted average price reflects the consolidated price of these trades. Geisel has undertaken to provide full details of the transaction, including the exact number of shares sold at each price, upon request to the SEC staff or a security holder of the issuer.
Following this sale, Geisel's direct ownership in M&T Bank Corp stands at 16,429 shares. Additionally, it's worth noting that on the previous day, July 23, Geisel transferred 500 shares by gift, a transaction for which no payment was received, leaving him with 16,929 shares prior to the sale.
Investors and market watchers often pay close attention to insider transactions as they provide insights into executives' perspectives on the value of the company's stock. While the reasons behind individual transactions can vary, they are always a point of interest for those following the financial performance and future prospects of a company.
This latest filing with the Securities and Exchange Commission provides the most up-to-date glimpse into the trading activity of one of M&T Bank Corp's key insiders.
In other recent news, M&T Bank has shown a strong performance in its second-quarter 2024 earnings. The bank reported a GAAP EPS of $3.73 and net income of $655 million. Piper Sandler updated its outlook on the bank, raising the price target to $190 from $164, maintaining an Overweight rating based on the robust earnings report.
M&T Bank's revenues also saw a significant increase, driven by fee income and net interest income (NII). The bank has indicated it will resume share repurchases in the second half of 2024. Furthermore, the bank's sustainability finance loans and investments reached $3.1 billion, reflecting its commitment to sustainability initiatives.
Despite a drop in commercial real estate loans, the bank's average loans and leases grew, driven by commercial and industrial and consumer loans. This aligns with M&T Bank's risk management strategy to enhance credit quality and reduce commercial real estate concentrations. Looking ahead, Piper Sandler anticipates further positive developments for M&T Bank, including an expected increase in share repurchases and a significant reduction in criticized and classified loan balances.
InvestingPro Insights
As we delve into the insider trading activity of M&T Bank Corp (NYSE:MTB), it's also beneficial to consider the broader financial context in which these transactions occur. According to recent InvestingPro data, M&T Bank Corp has a market capitalization of $28.98 billion and a P/E ratio of 12.87, which aligns with the adjusted P/E ratio for the last twelve months as of Q2 2024 at 12.9. These metrics suggest a company that is valued by the market at a level consistent with its earnings.
InvestingPro Tips indicate that M&T Bank Corp has a strong track record of dividend payments, having maintained them for 46 consecutive years, and even raising them for the past 7 years. This consistency in returning value to shareholders may appeal to investors looking for stable income streams. Additionally, the company has experienced a strong return over the last month, with a 16.36% price total return, and over the last three months, with a 17.92% return. These trends highlight the recent positive performance of MTB's stock.
For those interested in further insights and tips, InvestingPro offers additional information on M&T Bank Corp, which can be found at https://www.investing.com/pro/MTB. Readers can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to these valuable tips. Currently, there are 9 more InvestingPro Tips available to help investors make informed decisions.
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