FY2024 EPS Estimates for M&T Bank Co. (NYSE:MTB) Decreased by DA Davidson

M&T Bank Co. (NYSE:MTB) – Investment analysts at DA Davidson cut their FY2024 earnings estimates for shares of M&T Bank in a research report issued on Tuesday, April 16th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $13.92 for the year, down from their previous forecast of $14.15. DA Davidson 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 $13.95 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.93 EPS.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (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 company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the firm posted $4.09 EPS.

A number of other research firms have also recently weighed in on MTB. Wedbush reissued an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th. JPMorgan Chase & Co. upped their target price on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday. Jefferies Financial Group lowered their target price on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Royal Bank of Canada restated an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a research report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $158.48.

M&T Bank Stock Performance

NYSE:MTB opened at $143.38 on Thursday. The company 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 firm’s 50-day moving average is $139.96 and its 200-day moving average is $132.96. M&T Bank has a 52-week low of $108.53 and a 52-week high of $148.23. 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 Dividend Announcement

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

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s 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 owns 7,274 shares of the company’s stock, valued at $962,350.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the sale, the executive vice president now owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at approximately $962,350.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,119 shares of company stock valued at $5,341,012. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in M&T Bank by 1.3% during the first quarter. Vanguard Group Inc. now owns 48,056,301 shares of the financial services provider’s stock worth $960,645,000 after purchasing an additional 595,930 shares during the last quarter. BlackRock Inc. boosted its holdings in M&T Bank by 1.1% during the first quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock worth $733,054,000 after purchasing an additional 402,530 shares during the last quarter. State Street Corp boosted its holdings in M&T Bank by 0.7% during the first quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock worth $954,778,000 after purchasing an additional 55,623 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in M&T Bank by 10.4% during the first quarter. JPMorgan Chase & Co. now owns 6,095,725 shares of the financial services provider’s stock worth $728,866,000 after purchasing an additional 571,869 shares during the last quarter. Finally, Virtu Financial LLC boosted its holdings in M&T Bank by 17,405.3% during the first quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock worth $105,417,000 after purchasing an additional 5,243,349 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

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.