What is Wedbush’s Forecast for M&T Bank FY2024 Earnings?

M&T Bank Co. (NYSE:MTB) – Research analysts at Wedbush raised their FY2024 earnings per share estimates for M&T Bank in a report released on Monday, November 11th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $14.40 per share for the year, up from their prior forecast of $14.33. Wedbush has a “Outperform” rating and a $210.00 price objective on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $14.56 per share.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%.

Several other research firms have also commented on MTB. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Barclays lifted their target price on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Citigroup upped their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Piper Sandler raised their price target on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $198.76.

M&T Bank Stock Performance

NYSE:MTB opened at $213.27 on Tuesday. The stock has a market capitalization of $35.39 billion, a P/E ratio of 15.89, a PEG ratio of 2.97 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.99. M&T Bank has a fifty-two week low of $116.07 and a fifty-two week high of $216.84. The company has a 50 day moving average price of $183.56 and a 200 day moving average price of $165.45.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s payout ratio is 39.97%.

Insider Activity

In related news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares of the company’s stock, valued at $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the completion of the sale, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now owns 44,902 shares in the company, valued at approximately $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,088 shares of company stock worth $12,613,397. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Marshall Wace LLP boosted its holdings in shares of M&T Bank by 232.1% in the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after acquiring an additional 472,997 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in M&T Bank during the 3rd quarter worth approximately $24,740,000. Finally, Canoe Financial LP raised its stake in shares of M&T Bank by 29.4% during the 3rd quarter. Canoe Financial LP now owns 588,302 shares of the financial services provider’s stock worth $103,200,000 after buying an additional 133,748 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.