Davis Selected Advisers Raises Stock Holdings in M&T Bank Corporation $MTB

Davis Selected Advisers increased its stake in shares of M&T Bank Corporation (NYSE:MTB) by 9.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,846 shares of the financial services provider’s stock after purchasing an additional 4,819 shares during the quarter. Davis Selected Advisers’ holdings in M&T Bank were worth $11,252,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust increased its position in M&T Bank by 342.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock valued at $31,000 after buying an additional 120 shares in the last quarter. Triumph Capital Management acquired a new position in M&T Bank during the 3rd quarter valued at about $32,000. Ameriflex Group Inc. increased its position in M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock valued at $37,000 after buying an additional 84 shares in the last quarter. Westside Investment Management Inc. increased its position in M&T Bank by 61.8% during the 3rd quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider’s stock valued at $39,000 after buying an additional 76 shares in the last quarter. Finally, Hoese & Co LLP acquired a new position in M&T Bank during the 4th quarter valued at about $50,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MTB shares. Argus upped their target price on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Barclays upped their target price on M&T Bank from $220.00 to $236.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $231.50 to $227.00 and set a “neutral” rating on the stock in a research report on Thursday. Truist Financial set a $230.00 target price on M&T Bank in a research report on Tuesday, January 20th. Finally, Cantor Fitzgerald reduced their target price on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average target price of $235.32.

Insider Activity

In other news, EVP Michael A. Wisler sold 8,237 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $223.48, for a total value of $1,840,804.76. Following the transaction, the executive vice president directly owned 4,643 shares of the company’s stock, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 909 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total value of $206,679.33. Following the completion of the transaction, the director directly owned 5,976 shares in the company, valued at $1,358,763.12. This represents a 13.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,339 shares of company stock valued at $7,045,853. Company insiders own 0.44% of the company’s stock.

M&T Bank Stock Down 1.0%

Shares of MTB stock opened at $216.51 on Friday. The stock’s 50-day simple moving average is $212.35 and its 200-day simple moving average is $205.86. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.88. The firm has a market capitalization of $32.26 billion, a PE ratio of 12.12, a P/E/G ratio of 1.11 and a beta of 0.60. M&T Bank Corporation has a fifty-two week low of $172.33 and a fifty-two week high of $239.00.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data 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 business had revenue of $2.44 billion for 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 period in the prior year, the company earned $3.32 earnings per share. Equities analysts expect that M&T Bank Corporation will post 18.64 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be issued 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 dividend yield of 2.8%. M&T Bank’s dividend payout ratio is currently 33.59%.

M&T Bank announced that its board has approved a stock repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.