M&T Bank (NYSE:MTB) Price Target Cut to $231.50 by Analysts at JPMorgan Chase & Co.

M&T Bank (NYSE:MTB) had its price objective reduced by JPMorgan Chase & Co. from $244.50 to $231.50 in a report released on Tuesday morning, MarketBeat.com reports. They currently have a neutral rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on MTB. Wolfe Research lowered shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. Robert W. Baird lifted their target price on shares of M&T Bank from $225.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, December 18th. Wall Street Zen lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. The Goldman Sachs Group lifted their target price on shares of M&T Bank from $230.00 to $231.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. Finally, Morgan Stanley cut their target price on shares of M&T Bank from $271.00 to $245.00 and set an “equal weight” rating for the company in a 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 assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $231.03.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $212.06 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41. M&T Bank has a 12 month low of $152.66 and a 12 month high of $239.00. The company has a 50 day simple moving average of $216.07 and a two-hundred day simple moving average of $203.12. The stock has a market cap of $31.60 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.00 and a beta of 0.60.

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

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 2nd were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, March 2nd. M&T Bank’s payout ratio is presently 35.19%.

M&T Bank announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board 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 on Tuesday, February 3rd. The shares were 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 of the company’s stock, valued at approximately $1,358,763.12. The trade was a 13.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 21,193 shares of the business’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $235.85, for a total transaction of $4,998,369.05. Following the completion of the sale, the director directly owned 15,142 shares of the company’s stock, valued at approximately $3,571,240.70. The trade was a 58.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,092 shares of company stock worth $11,182,250 in the last quarter. 0.44% of the stock is owned by insiders.

Institutional Investors Weigh In On M&T Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commonwealth Retirement Investments LLC boosted its stake in M&T Bank by 0.4% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock worth $2,214,000 after purchasing an additional 44 shares during the last quarter. Ransom Advisory Ltd boosted its stake in M&T Bank by 2.0% during the 4th quarter. Ransom Advisory Ltd now owns 2,513 shares of the financial services provider’s stock worth $506,000 after purchasing an additional 50 shares during the last quarter. Wedbush Securities Inc. boosted its stake in M&T Bank by 2.4% during the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock worth $448,000 after purchasing an additional 52 shares during the last quarter. Bank of Jackson Hole Trust boosted its stake in M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in M&T Bank by 0.3% during the 2nd quarter. Gamco Investors INC. ET AL now owns 20,489 shares of the financial services provider’s stock worth $3,975,000 after purchasing an additional 67 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.