UPDATE: J.P. Morgan raises PT on M&T Bank to $92

According to a research report this morning, M&T Bank (NYSE: MTB) finished out 1Q12 with a strong EPS of $1.51, blowing away estimates of $1.46.

J.P. Morgan stated, “Overall pre-tax, pre-provision results were in line with expectations, although a much stronger than expected quarter for mortgage banking offset a higher than even seasonally expected bump in expense. The remainder of the beat was largely tied to better-than-expected provision.”

The market closed with M & T Bank at $85.62 while J.P. Morgan maintains its Neutral rating and increases its PT from $89 to $92.