Meridian Wealth Management LLC Sells 237 Shares of M&T Bank Co. (NYSE:MTB)

Meridian Wealth Management LLC reduced its position in M&T Bank Co. (NYSE:MTB) by 12.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,720 shares of the financial services provider’s stock after selling 237 shares during the quarter. Meridian Wealth Management LLC’s holdings in M&T Bank were worth $306,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MTB. Lazard Asset Management LLC grew its holdings in M&T Bank by 6.1% during the 1st quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock worth $3,831,000 after acquiring an additional 1,504 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after purchasing an additional 18,566 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in M&T Bank by 18.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock valued at $841,000 after buying an additional 915 shares during the period. California State Teachers Retirement System boosted its holdings in shares of M&T Bank by 1.6% during the 1st quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock worth $40,174,000 after buying an additional 4,343 shares in the last quarter. Finally, Hancock Whitney Corp grew its position in shares of M&T Bank by 4.7% during the 1st quarter. Hancock Whitney Corp now owns 10,345 shares of the financial services provider’s stock worth $1,505,000 after buying an additional 464 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

M&T Bank stock opened at $221.96 on Tuesday. M&T Bank Co. has a 52 week low of $123.46 and a 52 week high of $225.70. The company’s 50 day moving average price is $192.95 and its two-hundred day moving average price is $170.23. The stock has a market cap of $36.83 billion, a P/E ratio of 16.43, a P/E/G ratio of 3.11 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. On average, equities analysts predict that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Friday, October 4th. Finally, Morgan Stanley boosted their price objective on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $201.71.

Insider Activity at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the sale, the chief executive officer now owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,383 shares of company stock worth $17,925,801. 0.82% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.