Adams Diversified Equity Fund Inc. Acquires 22,300 Shares of M&T Bank Corporation $MTB

Adams Diversified Equity Fund Inc. lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 22.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,900 shares of the financial services provider’s stock after acquiring an additional 22,300 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in M&T Bank were worth $24,786,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canoe Financial LP raised its holdings in M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY bought a new stake in shares of M&T Bank during the 4th quarter valued at $42,817,000. Danske Bank A S purchased a new stake in shares of M&T Bank in the 3rd quarter worth about $29,612,000. Russell Investments Group Ltd. grew its position in shares of M&T Bank by 94.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after buying an additional 142,593 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich increased its stake in shares of M&T Bank by 37.1% in the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after acquiring an additional 95,025 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MTB shares. Argus lifted their price target on shares of M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a report on Thursday, June 4th. Cantor Fitzgerald decreased their target price 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. Morgan Stanley lowered their target price on shares of M&T Bank from $271.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. lowered their target price on shares of M&T Bank from $231.50 to $227.00 and set a “neutral” rating for the company in a report on Thursday, April 30th. 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, M&T Bank presently has an average rating of “Hold” and a consensus price target of $235.58.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares of the company’s stock, 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. Corporate insiders own 0.44% of the company’s stock.

M&T Bank Stock Up 0.3%

M&T Bank stock opened at $237.46 on Friday. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $239.00. The stock has a fifty day simple moving average of $218.54 and a two-hundred day simple moving average of $215.03. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm has a market cap of $34.78 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 1.17 and a beta of 0.57.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company posted $3.32 earnings per share. Equities analysts predict that M&T Bank Corporation will post 18.8 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be given a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.5%. M&T Bank’s payout ratio is 33.59%.

M&T Bank declared that its board has authorized a stock repurchase plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Company 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.