Wedbush Comments on M&T Bank Co.’s Q2 2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Stock analysts at Wedbush raised their Q2 2024 earnings per share (EPS) estimates for M&T Bank in a research note issued to investors on Monday, April 15th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $3.70 per share for the quarter, up from their prior estimate of $3.51. Wedbush currently 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 $13.89 per share. Wedbush also issued estimates for M&T Bank’s Q3 2024 earnings at $3.74 EPS, Q1 2025 earnings at $3.62 EPS, Q2 2025 earnings at $4.04 EPS, Q3 2025 earnings at $4.24 EPS, Q4 2025 earnings at $4.30 EPS and FY2025 earnings at $16.20 EPS.

A number of other research analysts have also recently issued reports on MTB. Jefferies Financial Group dropped their target price on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. boosted 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. StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Wells Fargo & Company boosted their target price on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Barclays increased their price target on shares of M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $157.98.

M&T Bank Stock Performance

NYSE MTB traded up $1.65 during trading hours on Wednesday, hitting $139.04. The company had a trading volume of 1,169,604 shares, compared to its average volume of 1,216,568. M&T Bank has a 1-year low of $108.53 and a 1-year high of $148.23. The company has a market cap of $23.17 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 1.30 and a beta of 0.80. The business has a 50 day moving average of $139.44 and a 200-day moving average of $132.72. 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 (NYSE:MTB) last posted its quarterly earnings data 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). The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations 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 last year, the firm posted $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. Shareholders 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 yield of 3.74%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) 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 business’s stock in a transaction dated 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 owns 7,274 shares in the company, valued at approximately $962,350.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Doris P. Meister sold 3,961 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $143.60, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was 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 in the company, valued at approximately $962,350.20. The disclosure for this sale can be found here. Insiders sold a total of 35,481 shares of company stock valued at $5,114,624 in the last ninety days. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On M&T Bank

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of 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 in the last quarter. BlackRock Inc. grew its position in shares of M&T Bank by 1.1% in the 1st quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock valued at $733,054,000 after acquiring an additional 402,530 shares during the period. State Street Corp boosted its holdings in shares of M&T Bank by 0.7% during the 1st quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock worth $954,778,000 after buying an additional 55,623 shares during the period. JPMorgan Chase & Co. boosted its holdings in M&T Bank by 10.4% in the 1st quarter. JPMorgan Chase & Co. now owns 6,095,725 shares of the financial services provider’s stock valued at $728,866,000 after purchasing an additional 571,869 shares during the period. Finally, Virtu Financial LLC boosted its holdings in M&T Bank by 17,405.3% in the 1st quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock valued at $105,417,000 after purchasing an additional 5,243,349 shares during the period. Institutional investors own 84.68% of the company’s stock.

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.