Brokers Issue Forecasts for M&T Bank Co.’s Q3 2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities research analysts at Zacks Research cut their Q3 2024 EPS estimates for M&T Bank in a research report issued to clients and investors on Thursday, August 8th. Zacks Research analyst R. Department now forecasts that the financial services provider will post earnings of $3.52 per share for the quarter, down from their prior estimate of $3.64. The consensus estimate for M&T Bank’s current full-year earnings is $14.24 per share. Zacks Research also issued estimates for M&T Bank’s Q4 2024 earnings at $3.58 EPS, Q2 2025 earnings at $3.79 EPS, Q3 2025 earnings at $4.18 EPS, Q1 2026 earnings at $4.35 EPS and FY2026 earnings at $18.28 EPS.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the firm posted $5.12 EPS.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods upped their target price on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. Evercore ISI upped their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research report on Tuesday, June 25th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Citigroup upped their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Bank of America lifted their price objective on shares of M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $172.92.

M&T Bank Trading Up 0.2 %

Shares of MTB stock opened at $160.33 on Monday. The stock has a 50 day simple moving average of $155.80 and a 200 day simple moving average of $147.36. M&T Bank has a 1 year low of $108.53 and a 1 year high of $176.44. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market cap of $26.75 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77.

Hedge Funds Weigh In On M&T Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its holdings in M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares during the last quarter. Norges Bank bought a new position in M&T Bank during the fourth quarter worth $232,322,000. Dimensional Fund Advisors LP lifted its holdings in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after buying an additional 93,113 shares during the period. Bank of New York Mellon Corp boosted its position in M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after acquiring an additional 44,442 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its position in M&T Bank by 3.2% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after acquiring an additional 43,795 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares in the company, valued at approximately $5,476,225.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,858 shares of company stock worth $3,325,160. Insiders own 0.82% of the company’s stock.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.37%. This is a positive change 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 (DPR) is presently 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.