Equities Analysts Offer Predictions for M&T Bank Co.’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities research analysts at DA Davidson cut their FY2024 EPS estimates for M&T Bank in a note issued to investors on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $13.89 for the year, down from their previous estimate of $13.92. DA Davidson currently has a “Neutral” rating and a $159.00 price target on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.99 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.78 EPS.

Several other brokerages also recently commented on MTB. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $170.00 price target on shares of M&T Bank in a report on Thursday. Jefferies Financial Group upped their price target on shares of M&T Bank from $151.00 to $160.00 and gave the company a “hold” rating in a report on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $160.00 price objective on shares of M&T Bank in a research note on Tuesday, April 16th. Bank of America raised their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, Piper Sandler reiterated an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $161.51.

M&T Bank Stock Performance

MTB opened at $151.36 on Monday. The stock has a 50-day moving average of $148.32 and a 200-day moving average of $142.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.00. M&T Bank has a 52-week low of $108.53 and a 52-week high of $156.65. The company has a market cap of $25.26 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 2.97 and a beta of 0.78.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the prior year, the company posted $4.09 EPS.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Bright Futures Wealth Management LLC. acquired a new stake in shares of M&T Bank during the 1st quarter worth approximately $2,136,000. Abich Financial Wealth Management LLC boosted its stake in M&T Bank by 49.9% in the first quarter. Abich Financial Wealth Management LLC now owns 790 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 263 shares during the last quarter. Keynote Financial Services LLC acquired a new stake in M&T Bank during the 1st quarter worth $1,690,000. EverSource Wealth Advisors LLC raised its position in shares of M&T Bank by 53.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,243 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 432 shares during the last quarter. Finally, Cetera Advisors LLC lifted its stake in shares of M&T Bank by 168.9% in the 1st quarter. Cetera Advisors LLC now owns 18,253 shares of the financial services provider’s stock valued at $2,655,000 after purchasing an additional 11,465 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at $5,481,660. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,553 shares of company stock valued at $14,724,147. 0.82% of the stock is owned by insiders.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.57%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s dividend payout ratio is 36.51%.

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.