M&T Bank Co. Forecasted to Post Q2 2024 Earnings of $3.57 Per Share (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Wedbush cut their Q2 2024 earnings per share (EPS) estimates for M&T Bank in a report issued on Monday, June 24th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $3.57 per share for the quarter, down from their prior estimate of $3.70. Wedbush currently has a “Outperform” rating and a $170.00 target price on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.99 per share. Wedbush also issued estimates for M&T Bank’s Q3 2024 earnings at $3.65 EPS, Q4 2024 earnings at $3.66 EPS and FY2024 earnings at $14.03 EPS.

M&T Bank (NYSE:MTB) last released its 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). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the business earned $4.09 earnings per share.

Other equities research analysts also recently issued reports about the company. Evercore ISI lifted their target price on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research report on Tuesday. Wells Fargo & Company lifted their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $160.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price objective on M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Thursday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $161.51.

M&T Bank Stock Up 0.2 %

MTB stock opened at $147.67 on Wednesday. M&T Bank has a twelve month low of $108.53 and a twelve month high of $156.65. The company has a market cap of $24.64 billion, a PE ratio of 9.98, a price-to-earnings-growth ratio of 2.90 and a beta of 0.78. The business’s 50-day simple moving average is $148.00 and its 200 day simple moving average is $141.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46.

Hedge Funds Weigh In On M&T Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new position in shares of M&T Bank during the 3rd quarter worth about $833,000. Stevens Capital Management LP bought a new stake in shares of M&T Bank in the 4th quarter valued at about $320,000. Matrix Asset Advisors Inc. NY raised its holdings in M&T Bank by 15.7% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock valued at $12,685,000 after acquiring an additional 12,590 shares during the period. Smead Capital Management Inc. bought a new position in M&T Bank in the 4th quarter valued at about $59,418,000. Finally, Rafferty Asset Management LLC raised its holdings in M&T Bank by 72.1% in the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after acquiring an additional 100,526 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Kirk W. Walters sold 16,179 shares of the company’s 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 completion of the sale, the director now owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The disclosure for this sale can be found here. Insiders sold 97,553 shares of company stock worth $14,724,147 in the last quarter. Insiders own 0.82% of the company’s stock.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be issued a $1.35 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Monday, June 3rd. M&T Bank’s payout ratio is presently 36.51%.

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.