DA Davidson Weighs in on M&T Bank Co.’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Analysts at DA Davidson reduced their FY2024 EPS estimates for shares of M&T Bank in a research note issued to investors on Tuesday, April 16th. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $13.92 per share for the year, down from their prior forecast of $14.15. 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 $13.89 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.93 EPS.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share 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 net margin of 19.52% and a return on equity of 10.68%. During the same period in the previous year, the company earned $4.09 earnings per share.

A number of other equities research analysts have also issued reports on MTB. Morgan Stanley upped their target price on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Piper Sandler cut their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a research note on Friday, January 19th. Barclays upped their target price on shares of M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $160.00 target price on shares of M&T Bank in a research note on Tuesday. Finally, JPMorgan Chase & Co. upped their target price on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday. 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $157.98.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $139.04 on Thursday. The firm 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. The firm’s 50-day simple moving average is $139.61 and its 200-day simple moving average is $132.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank has a 1 year low of $108.53 and a 1 year high of $148.23.

Institutional Trading of M&T Bank

A number of large investors have recently added to or reduced their stakes in MTB. Virtu Financial LLC boosted its holdings in 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 buying an additional 5,243,349 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in M&T Bank by 113.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider’s stock worth $42,949,000 after buying an additional 2,645,478 shares in the last quarter. Spring Creek Capital LLC boosted its holdings in M&T Bank by 217.0% during the first quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock worth $66,759,000 after buying an additional 2,286,251 shares in the last quarter. Norges Bank bought a new stake in M&T Bank during the fourth quarter worth approximately $232,322,000. Finally, Goldman Sachs Group Inc. boosted its holdings in M&T Bank by 76.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock worth $71,171,000 after buying an additional 1,538,436 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at M&T Bank

In other news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the completion of the transaction, the executive vice president now directly owns 8,961 shares in the company, valued at $1,235,811.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the completion of the transaction, the executive vice president now directly owns 8,961 shares in the company, valued at $1,235,811.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of 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. Over the last 90 days, insiders have sold 35,481 shares of company stock worth $5,114,624. 0.82% of the stock is owned by company insiders.

M&T Bank Announces Dividend

The company also recently declared 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 of this dividend was Friday, March 1st. This represents a $5.20 annualized dividend 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.