M&T Bank Co. to Post FY2024 Earnings of $14.12 Per Share, Wedbush Forecasts (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Stock analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for M&T Bank in a note issued to investors on Monday, April 15th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $14.12 per share for the year, down from their prior forecast of $14.15. Wedbush has a “Outperform” rating and a $170.00 price target 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 Q4 2024 earnings at $3.65 EPS.

M&T Bank (NYSE:MTB) last released its earnings results 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 net margin of 19.52% and a return on equity of 10.68%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the firm earned $4.09 EPS.

Several other analysts have also recently weighed in on the company. Jefferies Financial Group reduced their price target on M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Morgan Stanley boosted their price target on M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Bank of America boosted their price target on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday. Keefe, Bruyette & Woods boosted their price target on M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a report on Tuesday. Finally, Piper Sandler cut their price objective on 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average price target of $157.98.

M&T Bank Stock Performance

NYSE:MTB opened at $139.04 on Thursday. The stock has a market cap of $23.17 billion, a P/E ratio of 9.40, a price-to-earnings-growth ratio of 1.30 and a beta of 0.80. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock’s 50-day moving average is $139.61 and its 200-day moving average is $132.77. M&T Bank has a 1-year low of $108.53 and a 1-year high of $148.23.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC increased its holdings in M&T Bank by 17,405.3% in the 1st 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 during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in M&T Bank by 113.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider’s stock worth $42,949,000 after acquiring an additional 2,645,478 shares during the last quarter. Spring Creek Capital LLC increased its holdings in M&T Bank by 217.0% in the 1st quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider’s stock worth $66,759,000 after acquiring an additional 2,286,251 shares during the last quarter. Norges Bank purchased a new stake in M&T Bank in the 4th quarter worth about $232,322,000. Finally, Goldman Sachs Group Inc. increased its holdings in M&T Bank by 76.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider’s stock worth $71,171,000 after acquiring an additional 1,538,436 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, EVP Doris P. Meister sold 1,675 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the sale, the executive vice president now owns 8,961 shares in the company, valued at $1,235,811.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of the company’s stock in a transaction 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 owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,481 shares of company stock worth $5,114,624. 0.82% of the stock is owned by corporate insiders.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Friday, March 1st. 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.