JPMorgan Chase & Co. Increases M&T Bank (NYSE:MTB) Price Target to $251.50

Key Points

• JPMorgan Chase & Co. raised its price target on M&T Bank from $227.00 to $251.50 while keeping a neutral rating, implying about 5.29% upside from the current price.
• Other analysts remain mixed on the stock: several have lifted targets, but the overall consensus rating is still Hold with an average price target of $237.82.
• M&T Bank reported better-than-expected quarterly earnings of $4.18 per share and also authorized a $5 billion share repurchase program, which could signal management confidence in the stock.

M&T Bank (NYSE:MTB - Get Free Report) had its price target raised by investment analysts at JPMorgan Chase & Co. from $227.00 to $251.50 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 5.29% from the company's current price.

A number of other equities research analysts have also issued reports on the stock. UBS Group set a $235.00 target price on shares of M&T Bank in a report on Thursday, April 16th. Cantor Fitzgerald lowered their price target on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research report on Friday, April 17th. Piper Sandler upped their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. Argus increased their price objective on shares of M&T Bank from $230.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 17th. Finally, The Goldman Sachs Group raised their target price on shares of M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a research note on Monday, April 6th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $237.82.

M&T Bank Price Performance

NYSE:MTB opened at $238.85 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The stock has a 50 day moving average of $220.63 and a two-hundred day moving average of $216.43. The firm has a market cap of $34.98 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57. M&T Bank has a 12 month low of $174.76 and a 12 month high of $243.57.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating the consensus estimate of $4.02 by $0.16. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same period in the prior year, the company earned $3.32 EPS. On average, analysts expect that M&T Bank will post 18.8 earnings per share for the current fiscal year.

M&T Bank announced that its board has authorized a stock repurchase plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares of the company's stock, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Delphi Management Inc. MA purchased a new position in shares of M&T Bank during the 4th quarter worth $1,524,000. Entropy Technologies LP purchased a new stake in M&T Bank in the 3rd quarter valued at about $4,571,000. LSV Asset Management raised its holdings in M&T Bank by 14.5% in the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock valued at $78,960,000 after buying an additional 49,500 shares during the period. B. Metzler seel. Sohn & Co. AG raised its holdings in M&T Bank by 101.8% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 31,910 shares of the financial services provider's stock valued at $6,306,000 after buying an additional 16,101 shares during the period. Finally, Adams Diversified Equity Fund Inc. lifted its position in M&T Bank by 22.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock valued at $24,786,000 after buying an additional 22,300 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

About M&T Bank

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.

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