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

M&T Bank Co. (NYSE:MTB) – Equities research analysts at Wedbush decreased their Q1 2024 earnings estimates for shares of M&T Bank in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $3.15 per share for the quarter, down from their prior estimate of $3.18. The consensus estimate for M&T Bank’s current full-year earnings is $13.87 per share. Wedbush also issued estimates for M&T Bank’s Q3 2024 earnings at $3.71 EPS, Q4 2024 earnings at $3.77 EPS, FY2024 earnings at $14.15 EPS and FY2025 earnings at $16.10 EPS.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.74 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.36). M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. The business had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the company posted $4.57 earnings per share.

Other equities research analysts have also recently issued reports about the stock. Barclays raised their price target on shares of M&T Bank from $150.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $160.00 price target on shares of M&T Bank in a research note on Friday, January 19th. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $145.00 target price on the stock. in a research report on Monday, December 18th. Finally, DA Davidson reissued a “neutral” rating and issued a $159.00 target price on shares of M&T Bank in a research report on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $150.17.

M&T Bank Price Performance

M&T Bank stock opened at $145.44 on Friday. M&T Bank has a 12-month low of $108.53 and a 12-month high of $148.23. The stock has a market capitalization of $24.23 billion, a P/E ratio of 9.22, a P/E/G ratio of 1.28 and a beta of 0.79. The firm’s 50-day moving average is $139.09 and its two-hundred day moving average is $131.39. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Monday, March 4th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.58%. M&T Bank’s dividend payout ratio is currently 32.95%.

Insider Activity

In other 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $137.91, for a total transaction of $230,999.25. Following the sale, 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. Insiders have sold 35,481 shares of company stock worth $5,114,624 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds have recently added to or reduced their stakes in MTB. HHM Wealth Advisors LLC acquired a new position in M&T Bank in the fourth quarter worth $25,000. Clear Street Markets LLC acquired a new position in M&T Bank in the fourth quarter worth $25,000. Stonebridge Capital Advisors LLC boosted its holdings in M&T Bank by 1,980.0% in the second quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 198 shares during the period. RVW Wealth LLC acquired a new position in M&T Bank in the third quarter worth $27,000. Finally, Quarry LP acquired a new position in M&T Bank in the first quarter worth $27,000. Institutional investors and hedge funds 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.