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

M&T Bank Co. (NYSE:MTB) – Equities research analysts at Wedbush upped their Q3 2024 earnings per share (EPS) estimates for M&T Bank in a note issued to investors on Thursday, July 18th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $3.71 per share for the quarter, up from their previous estimate of $3.66. Wedbush currently has a “Outperform” rating and a $170.00 price objective on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.95 per share. Wedbush also issued estimates for M&T Bank’s Q4 2024 earnings at $3.75 EPS, FY2024 earnings at $14.35 EPS and Q1 2025 earnings at $3.60 EPS.

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

Several other brokerages also recently issued reports on MTB. Royal Bank of Canada boosted their target price on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Wells Fargo & Company upped their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. DA Davidson upped their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Piper Sandler upped their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. upped their price target on shares of M&T Bank from $180.00 to $183.00 and gave the stock a “neutral” rating in a research note on Tuesday. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average price target of $170.35.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $172.17 on Monday. The company’s fifty day moving average is $151.17 and its two-hundred day moving average is $144.31. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank has a 12-month low of $108.53 and a 12-month high of $175.00. The company has a market cap of $28.73 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 3.85 and a beta of 0.77.

Institutional Investors Weigh In On M&T Bank

A number of hedge funds have recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in shares of M&T Bank by 14.4% in the third quarter. American Century Companies Inc. now owns 43,060 shares of the financial services provider’s stock valued at $5,445,000 after buying an additional 5,405 shares during the period. Nordea Investment Management AB lifted its stake in shares of M&T Bank by 3.3% in the fourth quarter. Nordea Investment Management AB now owns 12,407 shares of the financial services provider’s stock valued at $1,707,000 after buying an additional 396 shares during the period. Creative Financial Designs Inc. ADV bought a new stake in shares of M&T Bank in the fourth quarter valued at about $33,000. BKM Wealth Management LLC bought a new stake in shares of M&T Bank in the fourth quarter valued at about $32,000. Finally, SG Americas Securities LLC lifted its stake in shares of M&T Bank by 122.9% in the fourth quarter. SG Americas Securities LLC now owns 8,028 shares of the financial services provider’s stock valued at $1,100,000 after buying an additional 4,426 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares in the company, valued at $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at $5,481,660. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,915 shares of company stock worth $14,497,759. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend 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 3.14%. M&T Bank’s dividend payout ratio is currently 36.51%.

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.