M&T Bank Co. Forecasted to Earn FY2024 Earnings of $13.92 Per Share (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities researchers at DA Davidson reduced their FY2024 EPS estimates for M&T Bank in a research report issued on Tuesday, April 16th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $13.92 per share for the year, down from their prior forecast of $14.15. DA Davidson currently has a “Neutral” rating and a $159.00 price target on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.89 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.93 EPS.

MTB has been the subject of a number of other research reports. Jefferies Financial Group decreased their price objective on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a report on Monday, April 8th. UBS Group upped their price target on shares of M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a report on Tuesday. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a report on Tuesday. Finally, Bank of America upped their price target on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $157.98.

M&T Bank Trading Up 1.2 %

MTB opened at $139.04 on Thursday. The company has a market cap of $23.17 billion, a price-to-earnings ratio of 9.40, a price-to-earnings-growth ratio of 1.30 and a beta of 0.80. The firm has a 50 day simple moving average of $139.61 and a 200 day simple moving average of $132.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. M&T Bank has a fifty-two week low of $108.53 and a fifty-two week high of $148.23.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period last year, the firm earned $4.09 earnings per share.

Hedge Funds Weigh In On M&T Bank

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of M&T Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 48,056,301 shares of the financial services provider’s stock valued at $960,645,000 after purchasing an additional 595,930 shares during the period. BlackRock Inc. grew its stake in shares of M&T Bank by 1.1% in the first quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock valued at $733,054,000 after acquiring an additional 402,530 shares in the last quarter. State Street Corp grew its stake in shares of M&T Bank by 0.7% in the first quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock valued at $954,778,000 after acquiring an additional 55,623 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of M&T Bank by 10.4% in the first quarter. JPMorgan Chase & Co. now owns 6,095,725 shares of the financial services provider’s stock valued at $728,866,000 after acquiring an additional 571,869 shares in the last quarter. Finally, Virtu Financial LLC grew its stake in shares of M&T Bank by 17,405.3% in the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after acquiring an additional 5,243,349 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,481 shares of company stock valued at $5,114,624. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 3.74%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

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.