M&T Bank Co. (NYSE:MTB - Free Report) - Wedbush lowered their Q1 2024 earnings estimates for M&T Bank in a note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $3.15 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 - Get Free Report) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.10 by ($0.36). The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. During the same period last year, the firm earned $4.57 EPS.
A number of other analysts have also recently issued reports on the company. Morgan Stanley boosted their target price on M&T Bank from $160.00 to $179.00 and gave the stock an "overweight" rating in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft lowered 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. DA Davidson reaffirmed a "neutral" rating and issued a $159.00 target price on shares of M&T Bank in a research report on Wednesday, March 6th. Evercore ISI raised their price target on M&T Bank from $146.00 to $157.00 and gave the company an "in-line" rating in a report on Thursday. Finally, StockNews.com lowered M&T Bank from a "hold" rating to a "sell" rating in a report on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $150.17.
Check Out Our Latest Research Report on MTB
M&T Bank Price Performance
Shares of NYSE:MTB traded up $0.64 during midday trading on Friday, hitting $145.44. 820,144 shares of the stock were exchanged, compared to its average volume of 1,236,139. The company has a 50 day moving average price of $139.34 and a 200-day moving average price of $131.49. M&T Bank has a twelve month low of $108.53 and a twelve month high of $148.23. The stock has a market cap of $24.23 billion, a P/E ratio of 9.22, a PEG ratio of 1.28 and a beta of 0.79. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33.
M&T Bank Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Monday, March 4th will be given a $1.30 dividend. 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 (DPR) is 32.95%.
Insider Activity at M&T Bank
In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the firm's stock in a transaction dated 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 directly owns 6,367 shares in the company, valued at approximately $923,215. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Doris P. Meister sold 3,961 shares of M&T Bank stock in a transaction dated 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 directly owns 5,000 shares in the company, valued at approximately $718,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction dated 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 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. Insiders sold 35,481 shares of company stock worth $5,114,624 in the last quarter. 0.82% of the stock is owned by company insiders.
Institutional Investors Weigh In On M&T Bank
Several institutional investors have recently made changes to their positions in MTB. Virtu Financial LLC lifted its holdings in shares of M&T Bank by 17,405.3% during the 1st quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider's stock valued at $105,417,000 after buying an additional 5,243,349 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of M&T Bank by 113.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider's stock valued at $42,949,000 after acquiring an additional 2,645,478 shares in the last quarter. Spring Creek Capital LLC increased its position in M&T Bank by 217.0% in the 1st quarter. Spring Creek Capital LLC now owns 3,339,643 shares of the financial services provider's stock worth $66,759,000 after buying an additional 2,286,251 shares during the period. Norges Bank bought a new position in M&T Bank in the 4th quarter worth approximately $232,322,000. Finally, Goldman Sachs Group Inc. increased its position in M&T Bank by 76.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,560,334 shares of the financial services provider's stock worth $71,171,000 after buying an additional 1,538,436 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.
M&T Bank Company Profile
(
Get Free Report)
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.
See Also
Before you consider M&T Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and M&T Bank wasn't on the list.
While M&T Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.
Get This Free Report
