JPMorgan Chase & Co. Reaffirms “Neutral” Rating for M&T Bank (NYSE:MTB)

M&T Bank (NYSE:MTB)‘s stock had its “neutral” rating restated by research analysts at JPMorgan Chase & Co. in a report released on Wednesday, Marketbeat reports. They currently have a $223.50 price objective on the financial services provider’s stock, up from their prior price objective of $215.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 4.30% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research note on Friday, October 4th. DA Davidson increased their price target on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Piper Sandler increased their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. The Goldman Sachs Group increased their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $206.91.

M&T Bank Stock Down 0.7 %

NYSE MTB opened at $214.28 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank has a 52 week low of $128.31 and a 52 week high of $225.70. The stock has a fifty day moving average of $198.00 and a 200-day moving average of $172.96. The stock has a market capitalization of $35.55 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 3.04 and a beta of 0.76.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. On average, equities research analysts forecast that M&T Bank will post 14.57 EPS for the current year.

Insider Activity at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the sale, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. This trade represents a 28.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,504 shares of company stock valued at $16,673,712. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Hedge funds have recently made changes to their positions in the business. FMR LLC boosted its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp boosted its stake in shares of 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 in the last quarter. Marshall Wace LLP increased its position in shares of M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the period. Los Angeles Capital Management LLC raised its stake in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after buying an additional 319,051 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in M&T Bank during the 3rd quarter valued at approximately $44,422,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.