What is Wedbush’s Forecast for M&T Bank FY2024 Earnings?

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

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

Several other equities analysts have also recently weighed in on the company. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and raised their price target for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research report on Friday, October 4th. DA Davidson upped their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Piper Sandler upped their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $198.76.

M&T Bank Stock Up 2.5 %

MTB opened at $214.64 on Tuesday. M&T Bank has a 52 week low of $116.07 and a 52 week high of $216.84. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a 50-day simple moving average of $182.71 and a two-hundred day simple moving average of $164.98. The company has a market capitalization of $35.61 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 2.97 and a beta of 0.74.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. 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 2.52%. M&T Bank’s payout ratio is 39.97%.

Insider Buying and Selling at M&T Bank

In other news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,088 shares of company stock valued at $12,613,397 in the last three months. Company insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of institutional investors have recently modified their holdings of MTB. Plato Investment Management Ltd lifted its stake in shares of M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of M&T Bank in the third quarter valued at about $32,000. Hexagon Capital Partners LLC increased its holdings in shares of M&T Bank by 54.4% in the third 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 shares of M&T Bank in the second quarter worth about $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of 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 purchasing an additional 158 shares during the period. 84.68% of the stock is currently owned by institutional investors.

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.