Zacks: Brokerages Expect M&T Bank Co. (NYSE:MTB) to Post $3.00 EPS

Equities research analysts expect that M&T Bank Co. (NYSE:MTBGet Rating) will report $3.00 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Fifteen analysts have issued estimates for M&T Bank’s earnings, with estimates ranging from $1.73 to $3.65. M&T Bank reported earnings of $3.45 per share in the same quarter last year, which indicates a negative year over year growth rate of 13%. The business is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that M&T Bank will report full year earnings of $13.12 per share for the current financial year, with EPS estimates ranging from $11.21 to $15.59. For the next year, analysts forecast that the business will report earnings of $16.59 per share, with EPS estimates ranging from $13.75 to $20.17. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for M&T Bank.

M&T Bank (NYSE:MTBGet Rating) last posted its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $2.62 EPS for the quarter, topping the consensus estimate of $2.38 by $0.24. M&T Bank had a net margin of 29.31% and a return on equity of 11.45%. During the same quarter in the previous year, the company earned $3.41 earnings per share.

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of M&T Bank in a research note on Thursday, April 14th. They issued a “neutral” rating for the company. Wells Fargo & Company lifted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Piper Sandler lifted their target price on shares of M&T Bank from $200.00 to $210.00 in a research note on Wednesday, April 20th. Citigroup assumed coverage on shares of M&T Bank in a research note on Thursday, March 24th. They issued a “buy” rating for the company. Finally, Morgan Stanley upgraded shares of M&T Bank from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $179.00 to $238.00 in a research note on Thursday, April 21st. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus price target of $192.28.

A number of hedge funds have recently made changes to their positions in MTB. Marshall Wace LLP increased its position in M&T Bank by 355.8% during the first quarter. Marshall Wace LLP now owns 2,147 shares of the financial services provider’s stock worth $337,000 after acquiring an additional 1,676 shares during the period. Morgan Stanley increased its position in M&T Bank by 14.7% during the second quarter. Morgan Stanley now owns 475,221 shares of the financial services provider’s stock worth $69,054,000 after acquiring an additional 60,944 shares during the period. Advisor Group Holdings Inc. increased its position in M&T Bank by 5.0% during the third quarter. Advisor Group Holdings Inc. now owns 40,762 shares of the financial services provider’s stock worth $6,096,000 after acquiring an additional 1,949 shares during the period. Moors & Cabot Inc. boosted its stake in M&T Bank by 696.6% during the third quarter. Moors & Cabot Inc. now owns 30,000 shares of the financial services provider’s stock worth $33,000 after buying an additional 26,234 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in M&T Bank by 1.0% during the third quarter. Russell Investments Group Ltd. now owns 79,348 shares of the financial services provider’s stock worth $11,885,000 after buying an additional 767 shares in the last quarter. 87.61% of the stock is currently owned by institutional investors and hedge funds.

Shares of MTB stock traded down $2.50 during trading on Monday, hitting $167.98. 47,608 shares of the company were exchanged, compared to its average volume of 1,683,940. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.06 and a current ratio of 1.00. The firm has a market capitalization of $21.68 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.06 and a beta of 0.87. The business’s 50-day simple moving average is $171.68 and its 200 day simple moving average is $166.65. M&T Bank has a twelve month low of $128.46 and a twelve month high of $186.95.

M&T Bank declared that its Board of Directors has initiated a share 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 buy up to 3.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Monday, February 28th were given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, February 25th. M&T Bank’s dividend payout ratio is 36.67%.

M&T Bank Company Profile (Get Rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

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

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