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

M&T Bank Co. (NYSE:MTB) – Equities research analysts at DA Davidson cut their FY2024 earnings estimates for shares of M&T Bank in a note issued to investors on Tuesday, April 16th. DA Davidson analyst P. Winter now expects that the financial services provider will earn $13.92 per share for the year, down from their previous forecast of $14.15. DA Davidson currently has a “Neutral” rating and a $159.00 target price on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.93 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.93 EPS.

A number of other research analysts also recently issued reports on MTB. Wells Fargo & Company upped their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research note on Tuesday. 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. Wedbush reiterated an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a research note on Tuesday. Finally, UBS Group lifted their price target on shares of M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $158.48.

M&T Bank Stock Performance

MTB stock opened at $139.30 on Thursday. The business has a 50 day moving average of $139.76 and a 200-day moving average of $132.81. The firm has a market cap of $23.21 billion, a PE ratio of 9.42, a P/E/G ratio of 1.26 and a beta of 0.80. M&T Bank has a 12-month low of $108.53 and a 12-month high of $148.23. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the company posted $4.09 earnings per share.

Institutional Trading of M&T Bank

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in 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 worth $960,645,000 after acquiring an additional 595,930 shares in the last quarter. BlackRock Inc. raised its holdings in shares of M&T Bank by 1.1% during the 1st quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock valued at $733,054,000 after buying an additional 402,530 shares in the last quarter. State Street Corp lifted its position in M&T Bank by 0.7% in the 1st quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock worth $954,778,000 after buying an additional 55,623 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in 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 worth $728,866,000 after buying an additional 571,869 shares in the last quarter. Finally, Virtu Financial LLC raised its stake in shares of M&T Bank by 17,405.3% during the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock worth $105,417,000 after acquiring an additional 5,243,349 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other news, 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 value of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares in the company, valued at $923,215. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the transaction, the executive vice president now owns 7,274 shares of the company’s stock, valued at $962,350.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,481 shares of company stock valued at $5,114,624. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were paid a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.73%. M&T Bank’s payout ratio is 35.16%.

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.