JPMorgan Chase & Co. Lowers M&T Bank (NYSE:MTB) Price Target to $186.50

M&T Bank (NYSE:MTB) had its price objective decreased by JPMorgan Chase & Co. from $212.50 to $186.50 in a report issued on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. DA Davidson boosted their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Morgan Stanley dropped their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research report on Friday, March 28th. Compass Point boosted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $216.62.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $163.38 on Thursday. M&T Bank has a 12-month low of $133.03 and a 12-month high of $225.70. The company’s 50 day moving average price is $187.65 and its two-hundred day moving average price is $192.65. The firm has a market cap of $26.84 billion, a PE ratio of 11.17, a PEG ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the prior year, the company earned $2.74 EPS. Equities research analysts predict that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has approved a stock repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MTB. FMR LLC increased its stake in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the period. Norges Bank bought a new stake in M&T Bank in the fourth quarter valued at approximately $317,690,000. State Street Corp increased its position in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Nuveen Asset Management LLC increased its position in M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock valued at $294,662,000 after purchasing an additional 286,049 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new position in M&T Bank during the 4th quarter worth approximately $48,939,000. 84.68% of the stock is owned by institutional investors.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.