JPMorgan Chase & Co. Lowers M&T Bank (NYSE:MTB) Price Target to $231.50

M&T Bank (NYSE:MTB) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $244.50 to $231.50 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 9.93% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods increased their price target on M&T Bank from $220.00 to $230.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Wolfe Research cut shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Bank of America reissued a “neutral” rating and issued a $225.00 target price on shares of M&T Bank in a research note on Wednesday, January 7th. Evercore cut shares of M&T Bank from an “outperform” rating to a “hold” rating and lifted their price target for the stock from $210.00 to $225.00 in a research note on Tuesday, January 6th. Finally, Morgan Stanley reduced their price objective on shares of M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $231.03.

M&T Bank Stock Down 0.7%

Shares of NYSE:MTB opened at $210.58 on Tuesday. The company has a market cap of $31.38 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.00 and a beta of 0.60. M&T Bank has a 12 month low of $150.75 and a 12 month high of $239.00. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41. The company has a 50-day moving average price of $216.18 and a 200 day moving average price of $203.05.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.25. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same period in the previous year, the firm posted $3.77 earnings per share. As a group, equities research analysts predict that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has approved a share buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 909 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $227.37, for a total value of $206,679.33. Following the completion of the sale, the director owned 5,976 shares in the company, valued at approximately $1,358,763.12. The trade was a 13.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Barnes sold 21,193 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $235.85, for a total value of $4,998,369.05. Following the completion of the transaction, the director directly owned 15,142 shares in the company, valued at approximately $3,571,240.70. This trade represents a 58.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 49,092 shares of company stock worth $11,182,250. Insiders own 0.44% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in M&T Bank by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider’s stock valued at $285,341,000 after purchasing an additional 49,336 shares during the period. Canoe Financial LP lifted its position in shares of M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares during the period. Barclays PLC increased its holdings in M&T Bank by 3.9% during the fourth quarter. Barclays PLC now owns 530,305 shares of the financial services provider’s stock valued at $106,846,000 after buying an additional 20,120 shares during the period. Davis Asset Management L.P. increased its holdings in M&T Bank by 23.1% during the fourth quarter. Davis Asset Management L.P. now owns 400,000 shares of the financial services provider’s stock valued at $80,592,000 after buying an additional 75,000 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in M&T Bank by 35.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock worth $79,954,000 after buying an additional 103,692 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

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.