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

M&T Bank (NYSE:MTB) had its target price cut by analysts at JPMorgan Chase & Co. from $212.50 to $186.50 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 18.69% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Compass Point raised their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $215.97.

M&T Bank Price Performance

Shares of NYSE MTB opened at $157.13 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market cap of $25.82 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. The stock has a 50 day moving average of $186.82 and a two-hundred day moving average of $192.54. M&T Bank has a twelve month low of $133.03 and a twelve month high of $225.70.

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 for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the previous year, the company posted $2.74 earnings per share. On average, research analysts forecast that M&T Bank will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has authorized a stock buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Townsquare Capital LLC acquired a new position in shares of M&T Bank in the third quarter worth $230,000. Captrust Financial Advisors raised its stake in M&T Bank by 3.6% in the 3rd quarter. Captrust Financial Advisors now owns 7,761 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 270 shares during the last quarter. Benjamin Edwards Inc. purchased a new position in M&T Bank in the 3rd quarter valued at about $1,074,000. HighTower Advisors LLC boosted its stake in shares of M&T Bank by 2.1% during the 3rd quarter. HighTower Advisors LLC now owns 52,507 shares of the financial services provider’s stock worth $9,353,000 after purchasing an additional 1,075 shares during the last quarter. Finally, Investment Management Corp of Ontario grew its holdings in shares of M&T Bank by 47.7% during the third quarter. Investment Management Corp of Ontario now owns 5,576 shares of the financial services provider’s stock worth $993,000 after buying an additional 1,800 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.