Merit Financial Group LLC Boosts Holdings in M&T Bank Co. (NYSE:MTB)

Merit Financial Group LLC increased its holdings in M&T Bank Co. (NYSE:MTB) by 81.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,430 shares of the financial services provider’s stock after purchasing an additional 1,541 shares during the period. Merit Financial Group LLC’s holdings in M&T Bank were worth $613,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the 4th quarter worth approximately $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $38,000. Human Investing LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $52,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92% 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. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a “buy” rating in a report on Wednesday, May 21st. Piper Sandler decreased their price objective on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Morgan Stanley decreased their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Robert W. Baird cut their target price on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Finally, Wells Fargo & Company cut their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, M&T Bank has a consensus rating of “Moderate Buy” and an average target price of $212.53.

M&T Bank Price Performance

MTB opened at $184.37 on Tuesday. The company has a market capitalization of $29.59 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.38 and a beta of 0.62. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70. The business’s fifty day simple moving average is $172.76 and its 200-day simple moving average is $186.14.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company earned $3.09 earnings per share. On average, equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Monday, June 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.