Deltec Asset Management LLC Increases Stake in M&T Bank Co. (NYSE:MTB)

Deltec Asset Management LLC lifted its position in M&T Bank Co. (NYSE:MTB) by 33.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000 shares of the financial services provider’s stock after acquiring an additional 500 shares during the quarter. Deltec Asset Management LLC’s holdings in M&T Bank were worth $376,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in MTB. Plato Investment Management Ltd raised its holdings in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in M&T Bank in the third quarter worth approximately $32,000. Hexagon Capital Partners LLC lifted its holdings in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the period. Finally, Y.D. More Investments Ltd increased its holdings in shares of M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael J. Todaro sold 4,786 shares of M&T Bank stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the sale, the executive vice president now directly owns 2,787 shares in the company, valued at approximately $596,696.70. This trade represents a 63.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,397 shares of company stock valued at $6,379,459. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

MTB has been the subject of a number of analyst reports. Piper Sandler upped their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Evercore ISI raised their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Truist Financial reiterated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $221.68.

M&T Bank Price Performance

Shares of NYSE MTB opened at $197.86 on Wednesday. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. The business’s 50 day moving average price is $198.31 and its 200 day moving average price is $187.54. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The firm has a market cap of $32.83 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.41 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the company posted $2.74 EPS. On average, sell-side analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its board has authorized a stock buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.