Davis Selected Advisers Purchases 1,113 Shares of M&T Bank Co. (NYSE:MTB)

Davis Selected Advisers increased its position in M&T Bank Co. (NYSE:MTB) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,678 shares of the financial services provider’s stock after buying 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).

Other hedge funds also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. lifted its position in M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after buying an additional 2,018 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in M&T Bank in the 3rd quarter worth approximately $44,000. Flagship Harbor Advisors LLC lifted its position in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 1,295 shares during the last quarter. Summit Trail Advisors LLC bought a new stake in M&T Bank in the fourth quarter valued at approximately $290,000. Finally, Principal Financial Group Inc. lifted its position in M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on MTB shares. Wells Fargo & Company boosted their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Price Performance

Shares of MTB stock opened at $178.62 on Friday. The stock has a market cap of $29.35 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.79. The business’s fifty day moving average is $194.07 and its 200 day moving average is $191.56. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 period in the previous year, the business earned $2.74 EPS. Research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its board has approved a share repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.02%. M&T Bank’s payout ratio is 36.91%.

M&T Bank Company 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.