Brokers Set Expectations for M&T Bank Co.’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities research analysts at DA Davidson cut their FY2024 earnings estimates for shares of M&T Bank in a note issued to investors on Tuesday, April 16th. DA Davidson analyst P. Winter now expects that the financial services provider will earn $13.92 per share for the year, down from their previous forecast of $14.15. 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 $13.95 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.93 EPS.

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a report on Tuesday. Bank of America boosted their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday. Piper Sandler cut their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a report on Tuesday. Finally, Wells Fargo & Company upped their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $158.48.

M&T Bank Stock Performance

NYSE MTB opened at $143.38 on Thursday. The company has a fifty day moving average price of $139.96 and a 200-day moving average price of $132.96. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. The firm has a market cap of $23.89 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 1.16 and a beta of 0.80. M&T Bank has a 1 year low of $108.53 and a 1 year high of $148.23.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the company earned $4.09 EPS.

Institutional Investors Weigh In On M&T Bank

A number of institutional investors and hedge funds have recently bought and sold shares of MTB. HHM Wealth Advisors LLC purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $25,000. Clear Street Markets LLC purchased a new position in shares of M&T Bank during the fourth quarter worth approximately $25,000. RVW Wealth LLC purchased a new position in shares of M&T Bank during the third quarter worth approximately $27,000. General Partner Inc. purchased a new position in shares of M&T Bank during the first quarter worth approximately $27,000. Finally, Quarry LP purchased a new position in shares of M&T Bank in the first quarter worth $27,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the sale, the executive vice president now directly owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the sale, the executive vice president now directly owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares in the company, valued at $923,215. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,119 shares of company stock valued at $5,341,012. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend 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.