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

Key Points

• Davis Asset Management increased its M&T Bank stake by 23.1% in the fourth quarter, buying 75,000 more shares to bring its total to 400,000 shares worth about $80.6 million.
• Other institutional investors also made small additions to their M&T Bank holdings, and the stock remains heavily owned by institutions and hedge funds at 84.68% of shares outstanding.
• M&T Bank posted solid fundamentals, including Q1 earnings of $4.18 per share that beat estimates, a new $5 billion share buyback authorization, and a quarterly dividend of $1.50 per share.

Davis Asset Management L.P. grew its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 23.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 400,000 shares of the financial services provider's stock after acquiring an additional 75,000 shares during the quarter. M&T Bank comprises approximately 2.9% of Davis Asset Management L.P.'s portfolio, making the stock its 14th biggest position. Davis Asset Management L.P. owned approximately 0.26% of M&T Bank worth $80,592,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Commonwealth Retirement Investments LLC raised its holdings in shares of 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 valued at $2,214,000 after buying an additional 44 shares during the period. Ransom Advisory Ltd raised its holdings in shares of 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 valued at $506,000 after buying an additional 50 shares during the period. Wedbush Securities Inc. raised its holdings in shares of 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 valued at $448,000 after buying an additional 52 shares during the period. Bank of Jackson Hole Trust raised its holdings in shares of 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 valued at $43,000 after buying an additional 60 shares during the period. Finally, Thoroughbred Financial Services LLC increased its holdings 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 purchasing an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction that occurred 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 directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MTB. Morgan Stanley dropped their price objective on M&T Bank from $271.00 to $245.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Argus lifted their price objective on M&T Bank from $230.00 to $245.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Royal Bank Of Canada restated an "outperform" rating and set a $225.00 price objective on shares of M&T Bank in a report on Thursday, May 21st. JPMorgan Chase & Co. dropped their price objective on M&T Bank from $231.50 to $227.00 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Finally, DA Davidson lifted their price objective on M&T Bank from $233.00 to $235.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, M&T Bank has an average rating of "Hold" and a consensus price target of $235.32.

M&T Bank Price Performance

Shares of NYSE MTB opened at $231.57 on Friday. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $239.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The company has a market capitalization 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 50 day simple moving average of $215.90 and a 200-day simple moving average of $212.38.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results 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. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the business earned $3.32 EPS. As a group, equities research analysts expect that M&T Bank Corporation will post 18.69 earnings per share for the current year.

M&T Bank declared that its board has initiated a share buyback plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 16.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently declared 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, June 1st. M&T Bank's payout ratio is 33.59%.

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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