M&T Bank (NYSE:MTB) Price Target Raised to $244.50 at JPMorgan Chase & Co.

M&T Bank (NYSE:MTB) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $217.00 to $244.50 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 3.44% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. UBS Group boosted their price target on M&T Bank from $217.00 to $230.00 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Truist Financial set a $230.00 price objective on shares of M&T Bank in a research note on Tuesday, January 20th. Barclays boosted their target price on shares of M&T Bank from $220.00 to $236.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. Finally, TD Cowen reissued a “buy” rating on shares of M&T Bank in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $228.50.

M&T Bank Stock Performance

MTB stock traded down $1.63 during trading hours on Monday, reaching $236.38. The stock had a trading volume of 795,885 shares, compared to its average volume of 1,291,708. The stock has a 50-day simple moving average of $209.68 and a 200 day simple moving average of $197.49. M&T Bank has a fifty-two week low of $150.75 and a fifty-two week high of $238.55. The stock has a market capitalization of $36.33 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.04 and a beta of 0.60. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.90 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.25. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.47 billion. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.During the same quarter in the prior year, the company earned $3.77 earnings per share. Analysts predict that M&T Bank will post 16.57 EPS for the current fiscal year.

Insider Buying and Selling

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $190.06, for a total value of $1,140,360.00. Following the completion of the sale, the director directly owned 17,070 shares in the company, valued at approximately $3,244,324.20. The trade was a 26.01% 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, EVP Christopher E. Kay sold 5,250 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $191.70, for a total value of $1,006,425.00. Following the transaction, the executive vice president owned 5,501 shares in the company, valued at $1,054,541.70. The trade was a 48.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,912 shares of company stock valued at $6,489,862 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Institutional Trading of M&T Bank

A number of institutional investors and hedge funds have recently modified their holdings of MTB. Canoe Financial LP raised its stake in shares of M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after acquiring an additional 219,065 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new stake in M&T Bank during the 4th quarter valued at about $42,817,000. Danske Bank A S bought a new position in M&T Bank during the 3rd quarter worth approximately $29,612,000. Russell Investments Group Ltd. increased its stake in M&T Bank by 94.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after purchasing an additional 142,593 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich lifted its position in M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock valued at $71,462,000 after purchasing an additional 95,025 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

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.