Meridian Wealth Management LLC Increases Stock Holdings in M&T Bank Co. (NYSE:MTB)

Meridian Wealth Management LLC lifted its position in M&T Bank Co. (NYSE:MTB) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,786 shares of the financial services provider’s stock after buying an additional 66 shares during the quarter. Meridian Wealth Management LLC’s holdings in M&T Bank were worth $336,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Plato Investment Management Ltd raised its stake in M&T Bank by 5,032.7% in the fourth quarter. Plato Investment Management Ltd now owns 8,623 shares of the financial services provider’s stock valued at $1,627,000 after purchasing an additional 8,455 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in M&T Bank in the fourth quarter valued at approximately $140,000. Jones Financial Companies Lllp raised its stake in M&T Bank by 298.4% in the fourth quarter. Jones Financial Companies Lllp now owns 5,334 shares of the financial services provider’s stock valued at $1,003,000 after purchasing an additional 3,995 shares in the last quarter. Modera Wealth Management LLC purchased a new stake in M&T Bank in the fourth quarter valued at approximately $202,000. Finally, Smartleaf Asset Management LLC raised its stake in M&T Bank by 11.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,516 shares of the financial services provider’s stock valued at $663,000 after purchasing an additional 360 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent analyst reports. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. DA Davidson increased their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Truist Financial reiterated a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, Compass Point increased their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Stock Down 1.9 %

Shares of M&T Bank stock opened at $177.96 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The stock has a market capitalization of $29.24 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.38 and a beta of 0.79. The company’s 50 day moving average price is $194.56 and its 200-day moving average price is $191.57.

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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the company earned $2.74 EPS. Equities research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.03%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

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.