Davis Selected Advisers Buys 4,819 Shares of M&T Bank Corporation $MTB

Key Points

• Davis Selected Advisers increased its stake in M&T Bank (NYSE:MTB) by 9.4%, adding 4,819 shares to hold 55,846 shares worth about $11.25 million at quarter-end.
• M&T reported quarterly EPS of $4.18, beating estimates ($4.02) on $2.44 billion in revenue, with a return on equity of 11.35% and analysts projecting roughly 18.64 EPS for the year.
• The bank announced a quarterly dividend of $1.50 per share (annualized $6.00, ~2.8% yield) and authorized a $5.0 billion share repurchase program to buy back up to about 16.7% of its stock.

Davis Selected Advisers increased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 9.4% during the 4th quarter, according to the company in its most recent filing with the 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 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MTB. Bank of Jackson Hole Trust boosted its holdings 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 acquiring an additional 120 shares during the period. Triumph Capital Management purchased a new position in M&T Bank during the 3rd quarter valued at $32,000. Ameriflex Group Inc. boosted its holdings 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 acquiring an additional 84 shares during the period. Westside Investment Management Inc. boosted its holdings 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 acquiring an additional 76 shares during the period. Finally, Hoese & Co LLP purchased a new position in M&T Bank during the 4th quarter valued at $50,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB stock opened at $216.51 on Friday. M&T Bank Corporation has a twelve month low of $172.33 and a twelve month high of $239.00. The stock has a market capitalization of $32.26 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 1.11 and a beta of 0.60. The stock has a fifty day simple moving average of $212.35 and a two-hundred day simple moving average of $205.86. The company has a current ratio of 0.88, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analysts' expectations 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 business earned $3.32 EPS. On average, analysts predict that M&T Bank Corporation will post 18.64 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio is 33.59%.

M&T Bank announced that its Board of Directors has authorized a share repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on MTB. Wells Fargo & Company upped their target price on M&T Bank from $185.00 to $205.00 and gave the stock an "underweight" rating in a report on Monday, January 5th. TD Cowen reiterated a "buy" rating on shares of M&T Bank in a report on Wednesday, January 7th. Jefferies Financial Group upped their target price on M&T Bank from $255.00 to $265.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Robert W. Baird upped their target price on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their target price on M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a report on Thursday. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $235.32.

Insider Buying and Selling

In related news, Director John P. Barnes sold 21,193 shares of the company's 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 completion of the sale, the director directly owned 15,142 shares in the company, valued at $3,571,240.70. This represents a 58.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael A. Wisler sold 8,237 shares of the company's stock in a transaction on 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 sale, the executive vice president owned 4,643 shares of the company's stock, valued at $1,037,617.64. This trade represents a 63.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,339 shares of company stock worth $7,045,853 in the last three months. 0.44% of the stock is owned by insiders.

M&T Bank Company 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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