Davis Asset Management L.P. Acquires Shares of 410,000 M&T Bank Corporation $MTB

Davis Asset Management L.P. acquired a new stake in shares of M&T Bank Corporation (NYSE:MTB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 410,000 shares of the financial services provider’s stock, valued at approximately $97,584,000. M&T Bank makes up approximately 2.5% of Davis Asset Management L.P.’s portfolio, making the stock its 15th biggest position.

Other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC lifted its holdings in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 84 shares in the last quarter. Triumph Capital Management acquired a new stake in M&T Bank in the 3rd quarter valued at $32,000. Elyxium Wealth LLC bought a new stake in M&T Bank during the 4th quarter valued at $33,000. Bank of Jackson Hole Trust increased its stake 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 valued at $43,000 after purchasing an additional 60 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in M&T Bank during the second quarter worth $51,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MTB has been the topic of a number of recent research reports. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Morgan Stanley boosted their target price on shares of M&T Bank from $245.00 to $253.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Cantor Fitzgerald upped their target price on shares of M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday. Wells Fargo & Company upped their target price on shares of M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a research report on Thursday, June 4th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $253.43.

M&T Bank Price Performance

Shares of NYSE MTB opened at $240.61 on Friday. The company has a market capitalization of $34.75 billion, a PE ratio of 12.70, a PEG ratio of 1.11 and a beta of 0.57. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average price is $243.19 and its 200-day moving average price is $225.55. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.95.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same period last year, the business posted $4.28 earnings per share. On average, equities analysts anticipate that M&T Bank Corporation will post 19.43 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, September 1st. M&T Bank’s dividend payout ratio is 31.68%.

About M&T Bank

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.