Piper Sandler Equities Analysts Decrease Earnings Estimates for M&T Bank Co. (NYSE:MTB)
M&T Bank Co. (NYSE:MTB) – Research analysts at Piper Sandler lowered their Q2 2020 earnings estimates for shares of M&T Bank in a research report issued to clients and investors on Monday, June 29th. Piper Sandler analyst F. Schiraldi now expects that the financial services provider will earn $2.26 per share for the quarter, down from their previous forecast of $2.28. Piper Sandler also issued estimates for M&T Bank’s FY2020 earnings at $10.71 EPS, Q1 2021 earnings at $2.49 EPS, Q2 2021 earnings at $2.79 EPS, Q3 2021 earnings at $3.04 EPS, Q4 2021 earnings at $3.03 EPS and FY2021 earnings at $11.34 EPS.
MTB has been the subject of a number of other reports. Citigroup reduced their price target on shares of M&T Bank from $140.00 to $130.00 and set a “neutral” rating on the stock in a research report on Friday, March 27th. Wells Fargo & Co boosted their target price on shares of M&T Bank from $120.00 to $135.00 in a report on Friday, June 5th. Odeon Capital Group downgraded M&T Bank from a “buy” rating to a “sell” rating and set a $79.30 price objective on the stock. in a research report on Monday, May 18th. Nomura reiterated a “hold” rating and issued a $107.00 target price on shares of M&T Bank in a report on Wednesday, April 22nd. Finally, Morgan Stanley boosted their target price on M&T Bank from $133.00 to $136.00 and gave the company an “equal weight” rating in a research report on Monday, June 8th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company. M&T Bank has an average rating of “Hold” and an average target price of $143.73.
M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 20th. The financial services provider reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.38. M&T Bank had a return on equity of 11.84% and a net margin of 24.99%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the firm posted $3.35 earnings per share.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Private Advisor Group LLC raised its position in shares of M&T Bank by 2.3% in the 4th quarter. Private Advisor Group LLC now owns 4,030 shares of the financial services provider’s stock worth $684,000 after acquiring an additional 89 shares in the last quarter. National Asset Management Inc. raised its holdings in M&T Bank by 4.5% in the first quarter. National Asset Management Inc. now owns 2,253 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 96 shares in the last quarter. Dai Ichi Life Insurance Company Ltd lifted its position in shares of M&T Bank by 0.9% during the fourth quarter. Dai Ichi Life Insurance Company Ltd now owns 11,976 shares of the financial services provider’s stock valued at $2,033,000 after buying an additional 102 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of M&T Bank by 117.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 222 shares of the financial services provider’s stock valued at $38,000 after buying an additional 120 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in M&T Bank by 49.5% in the first quarter. Signaturefd LLC now owns 486 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 161 shares during the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.
In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $112.64, for a total transaction of $112,640.00. Following the transaction, the executive vice president now owns 1,789 shares of the company’s stock, valued at approximately $201,512.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend was Friday, May 29th. M&T Bank’s dividend payout ratio (DPR) is presently 32.00%.
About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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