Wedbush Comments on M&T Bank Co.’s Q3 2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Research analysts at Wedbush cut their Q3 2024 earnings estimates for M&T Bank in a note issued to investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $3.61 per share for the quarter, down from their prior estimate of $3.71. Wedbush currently 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 $14.23 per share. Wedbush also issued estimates for M&T Bank’s Q4 2024 earnings at $3.69 EPS and FY2024 earnings at $14.20 EPS.

A number of other research firms also recently issued reports on MTB. Bank of America upped their target price on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler increased their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Finally, Citigroup lifted their price objective on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $178.35.

M&T Bank Trading Up 0.1 %

Shares of MTB opened at $175.38 on Thursday. The stock’s fifty day simple moving average is $168.40 and its 200-day simple moving average is $154.33. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $29.26 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 3.55 and a beta of 0.76. M&T Bank has a 12-month low of $108.53 and a 12-month high of $180.63.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same quarter in the prior year, the business earned $5.12 EPS.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 3.08%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the sale, the insider now owns 16,429 shares in the company, valued at approximately $2,834,002.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

Institutional Trading of M&T Bank

Institutional investors have recently made changes to their positions in the business. General Partner Inc. bought a new stake in M&T Bank during the 1st quarter worth about $27,000. Fidelis Capital Partners LLC bought a new stake in M&T Bank during the first quarter worth about $30,000. Oakworth Capital Inc. acquired a new position in M&T Bank during the second quarter valued at approximately $35,000. Versant Capital Management Inc grew its stake in M&T Bank by 82.7% in the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 201 shares in the last quarter. Finally, Bank & Trust Co acquired a new position in shares of M&T Bank during the 2nd quarter worth approximately $70,000. Institutional investors own 84.68% of the company’s stock.

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.