FY2024 EPS Estimates for M&T Bank Co. Lowered by Wedbush (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Investment analysts at Wedbush decreased their FY2024 EPS estimates for M&T Bank in a research note issued to investors on Monday, April 15th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $14.12 per share for the year, down from their prior estimate of $14.15. 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 $3.65 EPS.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter last year, the company posted $4.09 EPS.

Several other research analysts also recently weighed in on MTB. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Bank of America upped their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler reduced their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 19th. Barclays increased their price objective on shares of M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Company increased 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 research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $158.48.

M&T Bank Stock Up 2.9 %

MTB opened at $143.38 on Thursday. M&T Bank has a twelve month low of $108.53 and a twelve month high of $148.23. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average price of $139.96 and a 200 day moving average price of $132.96. The company has a market cap of $23.89 billion, a PE ratio of 9.69, a price-to-earnings-growth ratio of 1.16 and a beta of 0.80.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were given a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.63%. M&T Bank’s payout ratio is currently 35.16%.

Insider Buying and Selling

In related news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the transaction, the executive vice president now owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Doris P. Meister sold 1,675 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the transaction, the executive vice president now directly owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,119 shares of company stock valued at $5,341,012. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP purchased a new position in M&T Bank in the 3rd quarter valued at approximately $833,000. Tokio Marine Asset Management Co. Ltd. boosted its position in M&T Bank by 8.3% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,985 shares of the financial services provider’s stock valued at $504,000 after buying an additional 305 shares during the period. NBC Securities Inc. purchased a new position in M&T Bank in the 3rd quarter valued at approximately $299,000. Metis Global Partners LLC boosted its position in M&T Bank by 15.2% in the 3rd quarter. Metis Global Partners LLC now owns 7,063 shares of the financial services provider’s stock valued at $893,000 after buying an additional 931 shares during the period. Finally, Matrix Asset Advisors Inc. NY boosted its position in M&T Bank by 15.7% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock valued at $12,685,000 after buying an additional 12,590 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.