M&T Bank Co. (NYSE:MTB) to Post FY2024 Earnings of $13.92 Per Share, DA Davidson Forecasts

M&T Bank Co. (NYSE:MTB - Free Report) - Analysts at DA Davidson reduced their FY2024 earnings estimates for shares of M&T Bank in a research report issued to clients and investors on Tuesday, April 16th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings per share of $13.92 for the year, down from their prior estimate of $14.15. DA Davidson has a "Neutral" rating and a $159.00 price objective on the stock. The consensus estimate for M&T Bank's current full-year earnings is $13.93 per share. DA Davidson also issued estimates for M&T Bank's FY2025 earnings at $15.93 EPS.

MTB has been the topic of a number of other reports. StockNews.com cut shares of M&T Bank from a "hold" rating to a "sell" rating in a 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 report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a "neutral" rating in a report on Tuesday. 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 report on Tuesday. Finally, Piper Sandler cut their price target on shares of M&T Bank from $156.00 to $152.00 and set an "overweight" rating on the stock in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $157.98.

M&T Bank Trading Up 0.2 %

MTB stock traded up $0.26 during mid-day trading on Thursday, reaching $139.30. 715,038 shares of the stock traded hands, compared to its average volume of 1,211,240. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank has a one year low of $108.53 and a one year high of $148.23. The stock has a market capitalization of $23.21 billion, a PE ratio of 9.42, a PEG ratio of 1.26 and a beta of 0.80. The business has a 50-day moving average price of $139.76 and a two-hundred day moving average price of $132.81.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the firm posted $4.09 EPS.

Hedge Funds Weigh In On M&T Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC raised its position in 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 worth $105,417,000 after buying an additional 5,243,349 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in M&T Bank by 113.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 313,302 shares of the financial services provider's stock worth $42,949,000 after buying an additional 2,645,478 shares during the last quarter. Spring Creek Capital LLC raised its position in M&T Bank by 217.0% during 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 last quarter. Norges Bank purchased a new position in M&T Bank during the 4th quarter worth approximately $232,322,000. Finally, Goldman Sachs Group Inc. raised its position in M&T Bank by 76.1% during 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 last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated 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 directly owns 6,367 shares of the company's stock, valued at $923,215. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares of the company's stock, valued at approximately $962,350.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 28,845 shares of the 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 transaction, the director now directly owns 6,367 shares of the company's stock, valued at $923,215. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,481 shares of company stock valued at $5,114,624. 0.82% of the stock is currently owned by insiders.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank's payout ratio is 35.16%.

About M&T Bank

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.