Wedbush Comments on M&T Bank’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – Equities research analysts at Wedbush increased their FY2024 earnings per share (EPS) estimates for shares of M&T Bank in a research report issued on Monday, November 11th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $14.40 per share for the year, up from their previous forecast of $14.33. Wedbush currently has a “Outperform” rating and a $210.00 target price on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $14.56 per share.

Other analysts have also issued research reports about the stock. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research report on Friday, October 4th. Barclays increased their target price on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Citigroup lifted their price target on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Evercore ISI increased their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their target price on shares of M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus price target of $198.76.

M&T Bank Trading Up 2.5 %

Shares of MTB stock opened at $214.64 on Tuesday. The company has a market cap of $35.61 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 2.97 and a beta of 0.74. The stock has a 50 day simple moving average of $182.71 and a 200-day simple moving average of $164.98. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 1.00. M&T Bank has a 1-year low of $116.07 and a 1-year high of $216.84.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Plato Investment Management Ltd boosted its stake in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank in the 3rd quarter valued at about $32,000. Hexagon Capital Partners LLC boosted its position in shares of M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the period. Oakworth Capital Inc. purchased a new position in M&T Bank during the 2nd quarter worth approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its position in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other M&T Bank news, Director Kirk W. Walters sold 1,590 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the sale, the director now directly owns 2,108 shares of the company’s stock, valued at approximately $443,143.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 1,590 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total transaction of $334,249.80. Following the sale, the director now directly owns 2,108 shares in the company, valued at approximately $443,143.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,088 shares of company stock worth $12,613,397. Company insiders own 0.82% of the company’s stock.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 39.97%.

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.