Equities Analysts Set Expectations for M&T Bank Co.’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Analysts at DA Davidson lowered their FY2024 earnings per share estimates for shares of M&T Bank in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $13.89 per share for the year, down from their prior forecast of $13.92. DA Davidson has a “Neutral” rating and a $159.00 price objective on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.99 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.78 EPS.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. 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 business earned $4.09 earnings per share.

Other research analysts have also recently issued research reports about the company. StockNews.com cut M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Evercore ISI lifted their price target on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Bank of America increased their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. raised their target price on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Jefferies Financial Group increased their target price on shares of M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $161.51.

M&T Bank Stock Up 2.5 %

Shares of NYSE MTB opened at $151.36 on Monday. M&T Bank has a 12 month low of $108.53 and a 12 month high of $156.65. The firm has a market capitalization of $25.26 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.97 and a beta of 0.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average of $148.32 and a 200-day moving average of $142.02.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently added to or reduced their stakes in the company. Bright Futures Wealth Management LLC. bought a new stake in M&T Bank in the first quarter worth $2,136,000. Abich Financial Wealth Management LLC lifted its holdings in M&T Bank by 49.9% during the 1st quarter. Abich Financial Wealth Management LLC now owns 790 shares of the financial services provider’s stock valued at $115,000 after buying an additional 263 shares in the last quarter. Keynote Financial Services LLC purchased a new stake in M&T Bank in the 1st quarter valued at about $1,690,000. EverSource Wealth Advisors LLC raised its stake in shares of M&T Bank by 53.3% during the first quarter. EverSource Wealth Advisors LLC now owns 1,243 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 432 shares in the last quarter. Finally, Cetera Advisors LLC grew its stake in M&T Bank by 168.9% in the first quarter. Cetera Advisors LLC now owns 18,253 shares of the financial services provider’s stock worth $2,655,000 after purchasing an additional 11,465 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction that occurred 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 sale, 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. In the last ninety days, insiders sold 97,553 shares of company stock worth $14,724,147. 0.82% of the stock is owned by corporate insiders.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.57%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s payout ratio is 36.51%.

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.