Adams Diversified Equity Fund Inc. Has $19.66 Million Stake in M&T Bank Corporation $MTB

Adams Diversified Equity Fund Inc. increased its position in M&T Bank Corporation (NYSE:MTB) by 4.3% in the fourth quarter, HoldingsChannel reports. The firm owned 97,600 shares of the financial services provider’s stock after acquiring an additional 4,000 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in M&T Bank were worth $19,664,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Triumph Capital Management acquired a new position in M&T Bank in the 3rd quarter worth approximately $32,000. Elyxium Wealth LLC acquired a new position in M&T Bank in the 4th quarter worth approximately $33,000. Ameriflex Group Inc. boosted its stake in M&T Bank by 82.4% in the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 84 shares during the period. Bank of Jackson Hole Trust boosted its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the period. Finally, Hoese & Co LLP acquired a new position in M&T Bank in the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTB. Piper Sandler raised their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Robert W. Baird raised their price objective on shares of M&T Bank from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. UBS Group set a $235.00 price objective on shares of M&T Bank in a research note on Thursday, April 16th. The Goldman Sachs Group raised their price objective on shares of M&T Bank from $231.00 to $235.00 and gave the stock a “neutral” rating in a research note on Monday, April 6th. Finally, Cantor Fitzgerald decreased their price objective on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $235.32.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.44% of the stock is owned by company insiders.

M&T Bank Stock Up 1.6%

M&T Bank stock opened at $231.57 on Friday. The company has a market capitalization of $33.91 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.18 and a beta of 0.57. The firm’s fifty day simple moving average is $215.90 and its 200-day simple moving average is $212.38. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $239.00.

M&T Bank (NYSE:MTB) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping the consensus estimate of $4.02 by $0.16. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same quarter last year, the firm posted $3.32 EPS. Sell-side analysts forecast that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is 33.59%.

M&T Bank declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.