M&T Bank Corporation $MTB Shares Acquired by Davis Asset Management L.P.

Davis Asset Management L.P. boosted its stake in shares of M&T Bank Corporation (NYSE:MTB) by 23.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 400,000 shares of the financial services provider’s stock after purchasing an additional 75,000 shares during the quarter. M&T Bank makes up approximately 2.9% of Davis Asset Management L.P.’s holdings, making the stock its 14th largest position. Davis Asset Management L.P.’s holdings in M&T Bank were worth $80,592,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Commonwealth Retirement Investments LLC boosted its position in M&T Bank by 0.4% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock worth $2,214,000 after acquiring an additional 44 shares during the period. Ransom Advisory Ltd boosted its position in M&T Bank by 2.0% during the 4th quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider’s stock worth $506,000 after acquiring an additional 50 shares during the period. Wedbush Securities Inc. boosted its position in M&T Bank by 2.4% during the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock worth $448,000 after acquiring an additional 52 shares during the period. Bank of Jackson Hole Trust boosted its position in M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 60 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its position in M&T Bank by 2.1% during the 4th quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock worth $698,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Up 1.6%

Shares of M&T Bank stock opened at $231.57 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm has a market cap of $33.91 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The business has a fifty day simple moving average of $215.90 and a 200-day simple moving average of $212.38. M&T Bank Corporation has a fifty-two week low of $174.76 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 the consensus estimate of $4.02 by $0.16. The business 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 prior year, the firm posted $3.32 earnings per share. On average, equities analysts forecast that M&T Bank Corporation will post 18.69 EPS for the current fiscal 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 is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.6%. M&T Bank’s dividend payout ratio is 33.59%.

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

Analyst Ratings Changes

A number of research analysts have issued reports on MTB shares. Morgan Stanley reduced their price target on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Cantor Fitzgerald reduced their price target on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, April 17th. Piper Sandler boosted their price target on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. DA Davidson boosted their price target on M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $235.32.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.44% of the stock is currently owned by company insiders.

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.