Zacks Research Weighs in on M&T Bank Co.’s Q3 2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Analysts at Zacks Research increased their Q3 2024 EPS estimates for M&T Bank in a note issued to investors on Monday, May 6th. Zacks Research analyst R. Department now anticipates that the financial services provider will post earnings per share of $3.62 for the quarter, up from their prior estimate of $3.47. The consensus estimate for M&T Bank’s current full-year earnings is $13.92 per share. Zacks Research also issued estimates for M&T Bank’s FY2024 earnings at $13.90 EPS, Q2 2025 earnings at $3.87 EPS, Q3 2025 earnings at $4.18 EPS, Q4 2025 earnings at $4.56 EPS, FY2025 earnings at $16.14 EPS and FY2026 earnings at $18.40 EPS.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analyst estimates 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 in the prior year, the business earned $4.09 earnings per share.

Other research analysts also recently issued research reports about the company. Morgan Stanley increased their target price on M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Wells Fargo & Company lifted their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 16th. Wedbush reissued an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a report on Wednesday, April 10th. Piper Sandler reduced their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a research report on Friday, January 19th. Finally, UBS Group boosted their price objective on shares of M&T Bank from $139.00 to $154.00 in a research report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $158.48.

M&T Bank Stock Performance

Shares of MTB stock opened at $151.28 on Thursday. The stock has a market capitalization of $25.24 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 1.23 and a beta of 0.78. M&T Bank has a one year low of $108.53 and a one year high of $151.33. The company’s 50-day simple moving average is $142.27 and its 200-day simple moving average is $135.15. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 3.44%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is currently 35.16%.

Insiders Place Their Bets

In related news, EVP Doris P. Meister sold 1,675 shares of M&T Bank stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the sale, the executive vice president now directly owns 8,961 shares in the company, valued at $1,235,811.51. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Doris P. Meister sold 1,675 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the transaction, the executive vice president now owns 8,961 shares in the company, valued at $1,235,811.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the transaction, the director now directly owns 6,348 shares of the company’s stock, valued at $939,567.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,020 shares of company stock worth $11,533,507. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On M&T Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. HHM Wealth Advisors LLC bought a new stake in shares of M&T Bank during the 4th quarter worth $25,000. General Partner Inc. acquired a new position in shares of M&T Bank in the 1st quarter valued at $27,000. Fidelis Capital Partners LLC purchased a new position in M&T Bank in the 1st quarter worth about $30,000. BKM Wealth Management LLC acquired a new stake in M&T Bank during the 4th quarter worth about $32,000. Finally, Headinvest LLC purchased a new stake in M&T Bank during the third quarter valued at about $29,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About M&T Bank

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.