M&T Bank (NYSE:MTB) Stock Price Target Cut by JPMorgan Chase & Co.

by · The Markets Daily

M&T Bank (NYSE:MTB – Get Free Report) had its price target decreased by JPMorgan Chase & Co. from $265.50 to $248.50 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.04% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. 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 report on Thursday, July 16th. Cantor Fitzgerald boosted their price target on M&T Bank from $262.00 to $285.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft lowered M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price objective on the stock. in a report on Thursday, July 23rd. Truist Financial decreased their target price on M&T Bank from $268.00 to $250.00 and set a “hold” rating for the company in a report on Wednesday, September 23rd. Finally, Evercore set a $230.00 target price on M&T Bank in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $251.32.

Read Our Latest Stock Analysis on M&T Bank

M&T Bank Stock Up 0.3%

NYSE:MTB traded up $0.55 during mid-day trading on Friday, hitting $217.90. 215,381 shares of the company’s stock traded hands, compared to its average volume of 1,125,008. The company has a fifty day moving average of $239.04 and a 200 day moving average of $227.38. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. M&T Bank has a twelve month low of $174.76 and a twelve month high of $255.95. The company has a market capitalization of $31.47 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.23 and a beta of 0.61.

M&T Bank (NYSE:MTB – Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period last year, the business earned $4.28 EPS. On average, analysts forecast that M&T Bank will post 19.45 EPS for the current year.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director owned 3,649 shares in the company, valued at approximately $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rene F. Jones sold 19,396 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares of the company’s stock, valued at $24,851,949.85. This trade represents a 15.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 20,028 shares of company stock worth $4,794,884 over the last 90 days. Insiders own 0.44% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in M&T Bank in the 2nd quarter valued at about $330,978,000. Davis Asset Management L.P. acquired a new position in shares of M&T Bank during the 2nd quarter worth approximately $97,584,000. Squarepoint Ops LLC grew its position in shares of M&T Bank by 718.5% in the second quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider’s stock valued at $53,409,000 after purchasing an additional 196,982 shares in the last quarter. Danske Bank A S purchased a new stake in shares of M&T Bank in the second quarter valued at approximately $34,683,000. Finally, Susquehanna Fundamental Investments LLC increased its holdings in shares of M&T Bank by 205.4% in the second quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider’s stock valued at $26,313,000 after purchasing an additional 74,353 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

About M&T Bank

(Get Free Report)

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.

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