Wedbush Analysts Boost Earnings Estimates for M&T Bank Co. (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Analysts at Wedbush boosted their Q2 2024 earnings per share estimates for shares of M&T Bank in a research report issued to clients and investors on Monday, April 15th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $3.70 for the quarter, up from their previous estimate of $3.51. 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 Q3 2024 earnings at $3.74 EPS, Q1 2025 earnings at $3.62 EPS, Q2 2025 earnings at $4.04 EPS, Q3 2025 earnings at $4.24 EPS, Q4 2025 earnings at $4.30 EPS and FY2025 earnings at $16.20 EPS.

Several other analysts also recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a research note on Tuesday. DA Davidson reissued a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a research note on Tuesday. Keefe, Bruyette & Woods lifted their price target on M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research note on Tuesday. Evercore ISI raised their price objective on M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Finally, Bank of America raised their price objective on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $157.98.

M&T Bank Stock Performance

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

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

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s payout ratio is currently 35.16%.

Insider Buying and Selling

In other news, Director Kirk W. Walters sold 28,845 shares of the business’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 sale, the director now owns 6,367 shares in the company, valued at $923,215. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Doris P. Meister sold 3,961 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $143.60, for a total transaction of $568,799.60. Following the completion of the sale, the executive vice president now owns 5,000 shares in the company, valued at $718,000. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the sale, the director now owns 6,367 shares of the company’s stock, valued at $923,215. 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. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fiduciary Alliance LLC acquired a new stake in shares of M&T Bank in the first quarter valued at approximately $3,158,000. Cornerstone Wealth Group LLC acquired a new position in M&T Bank during the first quarter valued at approximately $3,812,000. Grimes & Company Inc. raised its position in M&T Bank by 16.9% during the first quarter. Grimes & Company Inc. now owns 2,274 shares of the financial services provider’s stock valued at $331,000 after purchasing an additional 328 shares in the last quarter. Pasadena Private Wealth LLC acquired a new position in M&T Bank during the first quarter valued at approximately $206,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in M&T Bank by 5.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the financial services provider’s stock valued at $2,538,000 after purchasing an additional 967 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Company Profile

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.