M&T Bank Co. to Post Q3 2024 Earnings of $3.62 Per Share, Zacks Research Forecasts (NYSE:MTB)

M&T Bank Co. (NYSE:MTB - Free Report) - Investment analysts at Zacks Research upped their Q3 2024 earnings estimates for M&T Bank in a research report issued on Monday, May 6th. Zacks Research analyst R. Department now expects that the financial services provider will post earnings per share of $3.62 for the quarter, up from their previous forecast of $3.47. The consensus estimate for M&T Bank's current full-year earnings is $13.92 per share. Zacks Research also issued estimates for M&T Bank's FY2024 earnings at $13.90 EPS, Q2 2025 earnings at $3.87 EPS, Q3 2025 earnings at $4.18 EPS, Q4 2025 earnings at $4.56 EPS, FY2025 earnings at $16.14 EPS and FY2026 earnings at $18.40 EPS.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS 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 firm had revenue of $2.26 billion for the quarter, compared to analysts' expectations of $2.26 billion. During the same quarter in the previous year, the firm posted $4.09 earnings per share.

A number of other research firms also recently commented on MTB. Evercore ISI increased their price objective on shares of M&T Bank from $146.00 to $157.00 and gave the company an "in-line" rating in a report on Thursday, March 28th. Bank of America boosted their price objective on M&T Bank from $157.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, April 16th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $160.00 target price on shares of M&T Bank in a research note on Tuesday, April 16th. UBS Group boosted their price target on shares of M&T Bank from $139.00 to $154.00 in a research report on Wednesday, January 17th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $162.00 to $170.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, M&T Bank has a consensus rating of "Hold" and an average price target of $158.48.

M&T Bank Price Performance

Shares of NYSE MTB traded up $1.40 during mid-day trading on Thursday, reaching $152.66. The company's stock had a trading volume of 817,758 shares, compared to its average volume of 1,145,930. The stock has a market capitalization of $25.47 billion, a P/E ratio of 10.32, a P/E/G ratio of 1.23 and a beta of 0.78. M&T Bank has a 1-year low of $108.53 and a 1-year high of $152.91. The stock has a 50-day moving average of $142.53 and a two-hundred day moving average of $135.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94.

Institutional Investors Weigh In On M&T Bank

Several institutional investors have recently added to or reduced their stakes in MTB. Meeder Advisory Services Inc. boosted its holdings in shares of M&T Bank by 3.9% in the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider's stock valued at $273,000 after buying an additional 70 shares in the last quarter. Burns J W & Co. Inc. NY grew its holdings in shares of M&T Bank by 1.3% during the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider's stock worth $827,000 after purchasing an additional 80 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of M&T Bank by 3.2% during the fourth quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider's stock worth $349,000 after purchasing an additional 80 shares in the last quarter. Fulton Bank N.A. lifted its holdings in shares of M&T Bank by 2.3% in the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider's stock valued at $526,000 after purchasing an additional 81 shares during the last quarter. Finally, Robinson Value Management Ltd. boosted its position in shares of M&T Bank by 0.3% in the 3rd quarter. Robinson Value Management Ltd. now owns 33,542 shares of the financial services provider's stock valued at $4,241,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Activity

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company's stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other M&T Bank 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 of the company's stock, valued at approximately $718,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Doris P. Meister sold 1,638 shares of the company's stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares of the company's stock, valued at $464,662.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,020 shares of company stock worth $11,533,507. Corporate insiders own 0.82% of the company's stock.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date was Friday, March 1st. M&T Bank's dividend payout ratio is currently 35.16%.

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.