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

M&T Bank Co. (NYSE:MTB) – Equities research analysts at DA Davidson reduced their FY2024 earnings per share (EPS) estimates for M&T Bank in a report issued on Thursday, June 27th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $13.89 per share for the year, down from their prior forecast of $13.92. DA Davidson currently has a “Neutral” rating and a $159.00 target price on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.99 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.78 EPS.

Several other analysts have also recently commented on the company. Wedbush reiterated an “outperform” rating and set a $170.00 price target on shares of M&T Bank in a research report on Wednesday, April 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $160.00 price target on shares of M&T Bank in a research report on Tuesday, April 16th. Wells Fargo & Company boosted their price target on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, Evercore ISI boosted their price target on 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. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and an average price target of $161.51.

M&T Bank Stock Down 1.0 %

M&T Bank stock opened at $149.82 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. M&T Bank has a 12 month low of $108.53 and a 12 month high of $156.65. The stock has a market capitalization of $25.00 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 2.97 and a beta of 0.77. The business has a 50 day simple moving average of $148.32 and a 200-day simple moving average of $142.02.

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 analysts’ consensus estimates of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations 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 last year, the firm earned $4.09 earnings per share.

Institutional Investors Weigh In On M&T Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $232,322,000. Smead Capital Management Inc. acquired a new stake in M&T Bank during the 4th quarter worth $59,418,000. Los Angeles Capital Management LLC purchased a new position in M&T Bank during the 4th quarter worth $34,645,000. London Co. of Virginia increased its stake in M&T Bank by 23.2% in the third quarter. London Co. of Virginia now owns 1,118,296 shares of the financial services provider’s stock valued at $141,409,000 after purchasing an additional 210,821 shares during the period. Finally, Bank of Nova Scotia raised its holdings in shares of M&T Bank by 1,155.9% in the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after buying an additional 189,038 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares in the company, valued at approximately $1,319,278.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Barnes sold 10,000 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $147.11, for a total value of $1,471,100.00. Following the sale, the director now directly owns 34,545 shares in the company, valued at approximately $5,081,914.95. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock worth $14,724,147 in the last quarter. 0.82% of the stock is owned by company insiders.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were issued a dividend of $1.35 per share. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.60%. M&T Bank’s dividend payout ratio is 36.51%.

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.