Jefferies Financial Group Comments on M&T Bank Co.’s Q3 2022 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTBGet Rating) – Stock analysts at Jefferies Financial Group raised their Q3 2022 earnings estimates for shares of M&T Bank in a note issued to investors on Monday, April 11th. Jefferies Financial Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $3.66 for the quarter, up from their previous forecast of $3.00. Jefferies Financial Group also issued estimates for M&T Bank’s Q4 2022 earnings at $4.11 EPS, FY2022 earnings at $13.20 EPS, Q1 2023 earnings at $3.82 EPS, Q2 2023 earnings at $4.39 EPS, Q3 2023 earnings at $4.45 EPS and FY2023 earnings at $17.35 EPS.

Several other research firms also recently weighed in on MTB. Citigroup assumed coverage on shares of M&T Bank in a research report on Thursday, March 24th. They set a “buy” rating for the company. The Goldman Sachs Group raised their price objective on M&T Bank from $183.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, April 4th. Barclays boosted their price target on shares of M&T Bank from $167.00 to $195.00 in a research report on Monday, January 3rd. UBS Group assumed coverage on shares of M&T Bank in a report on Wednesday, January 12th. They issued a “buy” rating and a $212.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on M&T Bank from $160.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Monday, March 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $180.90.

MTB opened at $159.71 on Wednesday. The firm’s fifty day simple moving average is $176.03 and its two-hundred day simple moving average is $164.51. M&T Bank has a 52-week low of $128.46 and a 52-week high of $186.95. The company has a market cap of $20.61 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 0.85 and a beta of 0.92. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.22.

M&T Bank (NYSE:MTBGet Rating) last announced its quarterly earnings results on Thursday, January 20th. The financial services provider reported $3.50 earnings per share for the quarter, beating the consensus estimate of $3.29 by $0.21. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.47 billion. M&T Bank had a return on equity of 12.14% and a net margin of 30.44%. During the same period last year, the business earned $3.54 earnings per share.

M&T Bank announced that its Board of Directors has approved a stock buyback program on Tuesday, February 22nd that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Monday, February 28th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.01%. The ex-dividend date was Friday, February 25th. M&T Bank’s payout ratio is 34.78%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in M&T Bank by 4.5% during the 4th quarter. BlackRock Inc. now owns 10,376,365 shares of the financial services provider’s stock worth $1,593,603,000 after buying an additional 446,205 shares in the last quarter. State Street Corp raised its stake in shares of M&T Bank by 0.3% in the fourth quarter. State Street Corp now owns 7,481,488 shares of the financial services provider’s stock valued at $1,149,007,000 after acquiring an additional 23,271 shares in the last quarter. Wellington Management Group LLP boosted its holdings in M&T Bank by 9.9% in the third quarter. Wellington Management Group LLP now owns 7,219,835 shares of the financial services provider’s stock valued at $1,078,210,000 after purchasing an additional 648,872 shares during the period. Geode Capital Management LLC grew its stake in M&T Bank by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 2,332,709 shares of the financial services provider’s stock worth $357,311,000 after purchasing an additional 66,973 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of M&T Bank by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,977,138 shares of the financial services provider’s stock worth $303,650,000 after buying an additional 79,662 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

About M&T Bank (Get Rating)

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.

See Also

Earnings History and Estimates for M&T Bank (NYSE:MTB)

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