M&T Bank Co. Forecasted to Post FY2024 Earnings of $13.89 Per Share (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Analysts at DA Davidson reduced their FY2024 EPS estimates for M&T Bank in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $13.89 per share for the year, down from their previous estimate of $13.92. DA Davidson currently has a “Neutral” rating and a $159.00 target price 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 posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The firm had revenue of $2.26 billion for 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 quarter in the previous year, the firm posted $4.09 EPS.

Several other analysts also recently commented on MTB. Evercore ISI upped their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. Bank of America upped their price target on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 price objective on shares of M&T Bank in a research note on Tuesday, April 16th. Jefferies Financial Group upped their target price on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a research note on Tuesday, June 4th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $170.00 price target on shares of M&T Bank in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $161.51.

M&T Bank Trading Up 1.3 %

M&T Bank stock opened at $151.73 on Monday. M&T Bank has a 52 week low of $108.53 and a 52 week high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $25.32 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 2.97 and a beta of 0.77. The stock has a 50-day moving average price of $148.41 and a 200 day moving average price of $142.06.

Hedge Funds Weigh In On M&T Bank

Several hedge funds and other institutional investors have recently modified their holdings of MTB. O Shaughnessy Asset Management LLC grew its position in shares of M&T Bank by 26.1% in the third quarter. O Shaughnessy Asset Management LLC now owns 8,964 shares of the financial services provider’s stock valued at $1,133,000 after purchasing an additional 1,853 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of M&T Bank by 13.1% in the 3rd quarter. Bank of Nova Scotia now owns 16,354 shares of the financial services provider’s stock worth $2,068,000 after acquiring an additional 1,900 shares during the last quarter. Rehmann Capital Advisory Group raised its holdings in shares of M&T Bank by 12.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,287 shares of the financial services provider’s stock worth $289,000 after acquiring an additional 249 shares during the period. Lazard Asset Management LLC boosted its position in shares of M&T Bank by 45.7% during the 3rd quarter. Lazard Asset Management LLC now owns 5,745 shares of the financial services provider’s stock valued at $725,000 after acquiring an additional 1,803 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of M&T Bank by 371.7% in the third quarter. AQR Capital Management LLC now owns 58,099 shares of the financial services provider’s stock valued at $7,347,000 after purchasing an additional 45,783 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other news, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were 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 owns 3,362 shares of the company’s stock, valued at $464,662.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Barnes sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $147.11, for a total value of $1,471,100.00. Following the sale, the director now owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock valued at $14,724,147 over the last ninety days. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 3.56%. M&T Bank’s dividend payout ratio is currently 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.