JPMorgan Chase & Co. Cuts M&T Bank (NYSE:MTB) Price Target to $186.50

M&T Bank (NYSE:MTB) had its price objective decreased by JPMorgan Chase & Co. from $212.50 to $186.50 in a report issued on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the company. Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Barclays lifted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Citigroup dropped their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. DA Davidson lifted their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $215.97.

M&T Bank Price Performance

Shares of MTB stock opened at $157.13 on Thursday. The firm has a market cap of $25.82 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. The firm has a fifty day moving average of $186.82 and a two-hundred day moving average of $192.67. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank has a 1-year low of $133.03 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data 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 return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the company earned $2.74 earnings per share. As a group, research analysts anticipate that M&T Bank will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.44%. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.53% of the company’s stock.

Institutional Trading of M&T Bank

A number of large investors have recently added to or reduced their stakes in MTB. Sanctuary Advisors LLC increased its stake in M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock worth $183,000 after buying an additional 53 shares during the period. Catalina Capital Group LLC increased its position in shares of M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares in the last quarter. Marcum Wealth LLC raised its holdings in shares of M&T Bank by 4.9% during the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 57 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 60 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

About M&T Bank

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.