DA Davidson Has Positive Outlook of M&T Bank FY2024 Earnings

M&T Bank Co. (NYSE:MTB) – Equities researchers at DA Davidson increased their FY2024 earnings estimates for M&T Bank in a research report issued on Monday, October 21st. DA Davidson analyst P. Winter now expects that the financial services provider will earn $14.48 per share for the year, up from their previous estimate of $14.25. DA Davidson has a “Neutral” rating and a $207.00 price target on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $14.16 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $16.36 EPS.

Several other research firms also recently issued reports on MTB. Royal Bank of Canada boosted their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday. Wells Fargo & Company upped their target price on shares of M&T Bank from $165.00 to $190.00 and gave the company an “underweight” rating in a research note on Friday. Wedbush upped their target price on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Bank of America upped their target price on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday. Finally, Barclays upped their price target on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $197.47.

M&T Bank Price Performance

MTB opened at $193.63 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank has a 52-week low of $108.53 and a 52-week high of $200.94. The company has a 50 day moving average of $173.61 and a two-hundred day moving average of $159.31. The company has a market cap of $32.31 billion, a P/E ratio of 13.09, a P/E/G ratio of 3.27 and a beta of 0.75.

Institutional Investors Weigh In On M&T Bank

Institutional investors have recently modified their holdings of the stock. Ontario Teachers Pension Plan Board boosted its stake in shares of M&T Bank by 43.1% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after buying an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in shares of M&T Bank during the 1st quarter valued at $3,125,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares in the last quarter. Finally, Gateway Investment Advisers LLC raised its holdings in shares of M&T Bank by 60.0% during the 2nd quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock valued at $4,964,000 after purchasing an additional 12,304 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the transaction, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the completion of the transaction, the director now directly owns 20,414 shares in the company, valued at $502,184.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,699 shares of company stock worth $4,943,119 in the last 90 days. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.79%. M&T Bank’s dividend payout ratio 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.