JPMorgan Chase & Co. Cuts M&T Bank (NYSE:MTB) Price Target to $248.50

M&T Bank (NYSE:MTB) had its target price reduced by JPMorgan Chase & Co. from $265.50 to $248.50 in a report released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. Robert W. Baird raised their target price on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Truist Financial reduced their price target on M&T Bank from $268.00 to $250.00 and set a “hold” rating for the company in a research report on Wednesday, September 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a research note on Tuesday, September 1st. DA Davidson raised their price target on M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Finally, Jefferies Financial Group cut their price objective on shares of M&T Bank from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $251.32.

M&T Bank Trading Down 0.0%

M&T Bank stock opened at $219.04 on Friday. M&T Bank has a 52-week low of $174.76 and a 52-week high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $31.63 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.24 and a beta of 0.61. The firm has a 50-day moving average price of $238.43 and a two-hundred day moving average price of $227.53.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates 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 quarter last year, the business earned $4.28 earnings per share. Sell-side analysts expect that M&T Bank will post 19.45 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.7%. M&T Bank’s payout ratio is presently 31.68%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MTB. First Bancorp Inc ME bought a new stake in M&T Bank in the second quarter worth about $25,000. Bogart Wealth LLC boosted its position in shares of M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 84 shares in the last quarter. NBH Bank bought a new position in shares of M&T Bank during the 2nd quarter valued at about $51,000. FNY Investment Advisers LLC acquired a new position in shares of M&T Bank in the 2nd quarter worth approximately $51,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of M&T Bank in the 2nd quarter worth approximately $86,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Company Profile

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.