Davis Selected Advisers Grows Position in M&T Bank Co. (NYSE:MTB)

Davis Selected Advisers lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 2.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 49,678 shares of the financial services provider’s stock after acquiring an additional 1,113 shares during the quarter. Davis Selected Advisers’ holdings in M&T Bank were worth $9,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Plato Investment Management Ltd lifted its holdings in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank in the third quarter worth about $32,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the period. Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of M&T Bank in the third quarter worth about $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE MTB opened at $178.62 on Friday. The stock has a market capitalization of $29.35 billion, a PE ratio of 12.21, a P/E/G ratio of 1.38 and a beta of 0.79. The business has a 50 day simple moving average of $194.07 and a two-hundred day simple moving average of $191.56. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the firm posted $2.74 earnings per share. On average, research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently commented on MTB shares. Truist Financial reaffirmed a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Wells Fargo & Company raised their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Finally, Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.