M&T Bank (NYSE:MTB) Price Target Cut to $227.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its price target on M&T Bank from $231.50 to $227.00 and kept a "neutral" rating, implying roughly a 3.69% upside from the current price.
• M&T Bank reported quarterly EPS of $4.18, beating estimates of $4.02 with revenue roughly in line at $2.44 billion, and showed solid profitability metrics (ROE 11.35%, net margin 22.07%).
• The board authorized a $5.00 billion stock repurchase (up to 16.7% of shares), while insiders have sold about 30,339 shares (~$7.05M) over the past three months.

M&T Bank (NYSE:MTB - Get Free Report) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $231.50 to $227.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 3.69% from the company's current price.

Several other research analysts have also recently weighed in on MTB. Evercore cut M&T Bank from an "outperform" rating to a "hold" rating and boosted their price target for the stock from $210.00 to $225.00 in a research note on Tuesday, January 6th. Citigroup boosted their price target on M&T Bank from $215.00 to $225.00 and gave the company a "neutral" rating in a report on Friday, January 2nd. Morgan Stanley dropped their price objective on M&T Bank from $271.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 31st. UBS Group set a $235.00 price objective on M&T Bank in a research note on Thursday, April 16th. Finally, Wolfe Research lowered M&T Bank from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, January 7th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $235.32.

M&T Bank Stock Up 1.6%

NYSE:MTB traded up $3.38 during trading hours on Thursday, reaching $218.92. 937,254 shares of the company traded hands, compared to its average volume of 1,217,974. The business's 50-day moving average price is $212.55 and its two-hundred day moving average price is $205.77. The stock has a market capitalization of $32.62 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.11 and a beta of 0.60. M&T Bank has a 1 year low of $167.35 and a 1 year high of $239.00. The company has a current ratio of 0.88, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business earned $3.32 earnings per share. Analysts predict that M&T Bank will post 18.64 earnings per share for the current year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 16.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Transactions at M&T Bank

In other news, 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 sale, the director directly owned 15,142 shares in the company, valued at approximately $3,571,240.70. This represents a 58.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 909 shares of the 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 30,339 shares of company stock worth $7,045,853. 0.44% of the stock is currently owned by company insiders.

Institutional Trading of M&T Bank

Several hedge funds and other institutional investors have recently bought and sold shares of MTB. Empowered Funds LLC boosted its position in M&T Bank by 11.9% during the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock valued at $607,000 after acquiring an additional 362 shares in the last quarter. Woodline Partners LP lifted its position in M&T Bank by 40.7% during the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock worth $2,506,000 after acquiring an additional 4,054 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of M&T Bank by 24.6% in the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after buying an additional 572 shares during the period. MUFG Securities EMEA plc acquired a new position in shares of M&T Bank in the 2nd quarter valued at about $92,000. Finally, Geneos Wealth Management Inc. grew its position in M&T Bank by 4.3% during the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock valued at $335,000 after buying an additional 71 shares during the period. Institutional investors 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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