Wedbush Analysts Boost Earnings Estimates for M&T Bank Co. (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Stock analysts at Wedbush lifted their Q2 2024 EPS estimates for M&T Bank in a report released on Monday, April 15th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $3.70 for the quarter, up from their previous estimate of $3.51. Wedbush has a “Outperform” rating and a $170.00 price objective on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.89 per share. Wedbush also issued estimates for M&T Bank’s Q3 2024 earnings at $3.74 EPS, Q1 2025 earnings at $3.62 EPS, Q2 2025 earnings at $4.04 EPS, Q3 2025 earnings at $4.24 EPS, Q4 2025 earnings at $4.30 EPS and FY2025 earnings at $16.20 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 (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations 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 last year, the company earned $4.09 earnings per share.

A number of other analysts have also recently issued reports on the stock. Wells Fargo & Company increased 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 research note on Tuesday. DA Davidson reissued a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a research note on Tuesday. Morgan Stanley increased their price objective on shares of M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Evercore ISI increased their price objective on shares of M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, Piper Sandler cut their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $157.98.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $139.04 on Wednesday. The firm has a fifty day moving average price of $139.61 and a 200-day moving average price of $132.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. The stock has a market cap of $23.17 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 1.30 and a beta of 0.80. M&T Bank has a 1 year low of $108.53 and a 1 year high of $148.23.

Institutional Investors Weigh In On M&T Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC increased its position in M&T Bank by 17,405.3% during the 1st quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after purchasing an additional 5,243,349 shares during the period. Price T Rowe Associates Inc. MD increased its position in M&T Bank by 113.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider’s stock valued at $42,949,000 after purchasing an additional 2,645,478 shares during the period. Spring Creek Capital LLC increased its position in M&T Bank by 217.0% during the 1st quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock valued at $66,759,000 after purchasing an additional 2,286,251 shares during the period. Norges Bank purchased a new position in M&T Bank during the 4th quarter valued at about $232,322,000. Finally, Goldman Sachs Group Inc. increased its position in M&T Bank by 76.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock valued at $71,171,000 after purchasing an additional 1,538,436 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kirk W. Walters sold 28,845 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the sale, the director now owns 6,367 shares in the company, valued at approximately $923,215. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Doris P. Meister sold 3,961 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $143.60, for a total value of $568,799.60. Following the completion of the sale, the executive vice president now owns 5,000 shares in the company, valued at approximately $718,000. 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 28,845 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The disclosure for this sale can be found here. Insiders sold 35,481 shares of company stock valued at $5,114,624 in the last three months. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were paid a $1.30 dividend. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.74%. M&T Bank’s payout ratio is currently 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.