FY2024 EPS Estimates for M&T Bank Co. Lowered by Wedbush (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities researchers at Wedbush lowered their FY2024 earnings estimates for shares of M&T Bank in a report issued on Monday, April 15th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $14.12 for the year, down from their previous forecast of $14.15. Wedbush has a “Outperform” rating and a $170.00 price target on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.95 per share. Wedbush also issued estimates for M&T Bank’s Q4 2024 earnings at $3.65 EPS.

MTB has been the topic of several other research reports. DA Davidson reissued a “neutral” rating and set a $159.00 target price on shares of M&T Bank in a research note on Tuesday. Royal Bank of Canada reissued an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research note on Tuesday. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, Bank of America raised their target price on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $158.48.

M&T Bank Stock Up 2.9 %

M&T Bank stock opened at $143.38 on Thursday. The stock has a market cap of $23.89 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 1.16 and a beta of 0.80. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $139.96 and its two-hundred day moving average price is $132.96. M&T Bank has a 52 week low of $108.53 and a 52 week high of $148.23.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data 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). The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter in the prior year, the business earned $4.09 earnings per share.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Insider Transactions at M&T Bank

In other news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction that occurred on 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 transaction, 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 hyperlink. In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of M&T Bank 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 sale, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of M&T Bank 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 disclosure for this sale can be found here. Insiders have sold a total of 37,119 shares of company stock valued at $5,341,012 over the last ninety days. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

Institutional investors and hedge funds have recently modified their holdings of the company. HHM Wealth Advisors LLC acquired a new stake in shares of M&T Bank in the fourth quarter worth $25,000. Clear Street Markets LLC acquired a new stake in shares of M&T Bank in the fourth quarter worth $25,000. RVW Wealth LLC acquired a new stake in shares of M&T Bank in the third quarter worth $27,000. General Partner Inc. acquired a new stake in shares of M&T Bank in the first quarter worth $27,000. Finally, Quarry LP acquired a new stake in shares of M&T Bank in the first quarter worth $27,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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.