Delphi Management Inc. MA Buys Shares of 7,566 M&T Bank Corporation $MTB

Delphi Management Inc. MA bought a new stake in shares of M&T Bank Corporation (NYSE:MTB) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 7,566 shares of the financial services provider’s stock, valued at approximately $1,524,000. M&T Bank makes up 1.5% of Delphi Management Inc. MA’s portfolio, making the stock its 23rd largest position.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sound Income Strategies LLC raised its stake in M&T Bank by 0.5% during the 4th quarter. Sound Income Strategies LLC now owns 100,223 shares of the financial services provider’s stock valued at $21,275,000 after acquiring an additional 538 shares in the last quarter. Piscataqua Savings Bank raised its stake in M&T Bank by 728.6% during the 4th quarter. Piscataqua Savings Bank now owns 754 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 663 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in M&T Bank by 1.2% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 62,263 shares of the financial services provider’s stock valued at $12,545,000 after acquiring an additional 763 shares in the last quarter. Hoese & Co LLP bought a new stake in M&T Bank during the 4th quarter valued at $50,000. Finally, Canoe Financial LP raised its stake in M&T Bank by 50.5% during the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after acquiring an additional 219,065 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 21,193 shares of M&T Bank stock in a transaction on Monday, February 9th. The stock was sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the transaction, the director owned 15,142 shares in the company, valued at approximately $3,571,240.70. The trade was a 58.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael A. Wisler sold 8,237 shares of M&T Bank stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $223.48, for a total value of $1,840,804.76. Following the transaction, the executive vice president owned 4,643 shares in the company, valued at $1,037,617.64. This represents a 63.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 49,092 shares of company stock worth $11,182,250. 0.44% of the stock is owned by corporate insiders.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $211.94 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.00 and a beta of 0.60. The stock’s fifty day simple moving average is $216.18 and its 200 day simple moving average is $203.05. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $239.00.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.47 by $0.25. The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same period in the previous year, the firm posted $3.77 EPS. As a group, sell-side analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 2nd were issued a dividend of $1.50 per share. The ex-dividend date was Monday, March 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. M&T Bank’s payout ratio is currently 35.19%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MTB shares. Evercore downgraded M&T Bank from an “outperform” rating to a “hold” rating and lifted their target price for the company from $210.00 to $225.00 in a research note on Tuesday, January 6th. Morgan Stanley lowered their price target on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Piper Sandler lifted their price target on M&T Bank from $225.00 to $235.00 in a research report on Friday, January 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of M&T Bank in a research report on Monday, December 29th. Finally, Wall Street Zen cut M&T Bank from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $231.50.

About M&T Bank

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.