Adams Diversified Equity Fund Inc. Grows Stock Holdings in M&T Bank Corporation $MTB

Key Points

• Adams Diversified Equity Fund increased its stake in M&T Bank by 22.8% in the first quarter, adding 22,300 shares to bring its total to 119,900 shares worth about $24.8 million.
• M&T Bank reported strong quarterly results, posting $4.18 EPS versus $4.02 expected and revenue of $2.44 billion, while analysts currently have a consensus Hold rating with a $235.58 average price target.
• The bank also announced a quarterly dividend of $1.50 per share and a $5 billion share buyback program, signaling continued capital returns to shareholders.

Adams Diversified Equity Fund Inc. raised its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 22.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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. owned about 0.08% of M&T Bank worth $24,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MTB. First United Bank & Trust grew its holdings in M&T Bank by 2.3% during the 1st quarter. First United Bank & Trust now owns 8,524 shares of the financial services provider's stock valued at $1,762,000 after buying an additional 191 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in M&T Bank by 15.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,677 shares of the financial services provider's stock worth $347,000 after purchasing an additional 225 shares in the last quarter. Hanson & Doremus Investment Management boosted its holdings in M&T Bank by 5.7% in the 1st quarter. Hanson & Doremus Investment Management now owns 4,412 shares of the financial services provider's stock valued at $912,000 after purchasing an additional 236 shares during the period. SG Americas Securities LLC boosted its holdings in M&T Bank by 34.8% in the 1st quarter. SG Americas Securities LLC now owns 85,770 shares of the financial services provider's stock valued at $17,730,000 after purchasing an additional 22,132 shares during the period. Finally, SHP Wealth Management purchased a new position in shares of M&T Bank during the 4th quarter valued at $183,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Up 0.3%

Shares of NYSE:MTB opened at $237.46 on Friday. The stock's 50-day moving average price is $218.54 and its 200-day moving average price is $215.03. M&T Bank Corporation has a 12-month low of $174.76 and a 12-month high of $239.00. The stock has a market capitalization of $34.78 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57. 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 (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the company posted $3.32 EPS. On average, equities analysts anticipate that M&T Bank Corporation will post 18.8 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed 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 is Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank's payout ratio is presently 33.59%.

M&T Bank announced that its board has authorized a share buyback program on Tuesday, March 31st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MTB has been the topic of a number of recent analyst reports. Robert W. Baird increased their price objective on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a research report on Thursday, April 30th. UBS Group set a $235.00 target price on M&T Bank in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of M&T Bank in a report on Thursday, June 4th. Finally, Royal Bank Of Canada lifted their price target on M&T Bank from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Tuesday, June 23rd. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $235.58.

Insider Buying and Selling at M&T Bank

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 directly owned 6,753 shares of the company's stock, valued at $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.44% of the company's stock.

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.

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