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

Meridian Wealth Management LLC cut its holdings in M&T Bank Co. (NYSE:MTB) by 12.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,720 shares of the financial services provider’s stock after selling 237 shares during the period. Meridian Wealth Management LLC’s holdings in M&T Bank were worth $306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in M&T Bank by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after purchasing an additional 93,113 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in M&T Bank by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after purchasing an additional 44,442 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in M&T Bank by 3.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after buying an additional 43,795 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This represents a 18.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,383 shares of company stock worth $17,925,801 in the last ninety days. 0.82% of the stock is owned by company insiders.

M&T Bank Stock Up 0.4 %

Shares of NYSE MTB opened at $221.96 on Tuesday. The stock has a market capitalization of $36.83 billion, a P/E ratio of 16.43, a PEG ratio of 3.11 and a beta of 0.74. M&T Bank Co. has a one year low of $123.46 and a one year high of $225.70. The firm’s 50 day simple moving average is $192.95 and its two-hundred day simple moving average is $170.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, analysts expect that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid 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 presently 39.97%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MTB. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their price target for the stock from $220.00 to $230.00 in a report on Monday. Wells Fargo & Company raised their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price target on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a 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 objective on the stock in a research report on Friday, October 4th. Finally, Bank of America boosted their target price on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average price target of $201.71.

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.