JPMorgan Chase & Co. Issues Positive Forecast for M&T Bank (NYSE:MTB) Stock Price

Key Points

• JPMorgan raised its M&T Bank price target from $251.50 to $265.50 while maintaining a neutral rating, implying 5.53% upside from the prior close.
• Analyst sentiment remains mixed, with seven Buy ratings, fourteen Holds and one Sell; MarketBeat calculates an average rating of Hold and an average target price of $253.53.
• M&T Bank exceeded quarterly expectations, reporting $5.35 in EPS versus a $4.66 consensus estimate and $2.53 billion in revenue. The company also has authorization to repurchase up to $5 billion, or 16.7%, of its outstanding shares.

M&T Bank (NYSE:MTB - Get Free Report) had its price target raised by stock analysts at JPMorgan Chase & Co. from $251.50 to $265.50 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 5.53% from the stock's previous close.

Several other analysts have also issued reports on the stock. Jefferies Financial Group restated a "buy" rating and set a $300.00 target price on shares of M&T Bank in a research report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $215.00 to $224.00 and gave the stock an "underweight" rating in a research note on Thursday, July 16th. Barclays boosted their price objective on shares of M&T Bank from $236.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Robert W. Baird upped their price objective on M&T Bank from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada lifted their target price on M&T Bank from $230.00 to $255.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, M&T Bank has an average rating of "Hold" and an average target price of $253.53.

M&T Bank Stock Performance

Shares of MTB traded down $1.02 during mid-day trading on Wednesday, hitting $251.59. 487,929 shares of the company traded hands, compared to its average volume of 1,165,380. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.94 and a current ratio of 0.89. The stock has a 50-day moving average price of $231.98 and a two-hundred day moving average price of $221.20. M&T Bank has a 1 year low of $174.76 and a 1 year high of $255.00. The stock has a market cap of $36.84 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 1.15 and a beta of 0.57.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter last year, the company posted $4.28 earnings per share. Equities analysts anticipate that M&T Bank will post 19.42 earnings per share for the current year.

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

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.44% of the company's stock.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently bought and sold shares of MTB. Bogart Wealth LLC lifted its position in M&T Bank by 233.3% in the first quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock worth $25,000 after buying an additional 84 shares during the last quarter. Triumph Capital Management purchased a new stake in shares of M&T Bank in the third quarter valued at $32,000. Elyxium Wealth LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at $33,000. Bank of Jackson Hole Trust lifted its holdings in shares of M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock worth $43,000 after acquiring an additional 60 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of M&T Bank in the 2nd quarter worth about $51,000. 84.68% of the stock is currently owned by 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.

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