Wall Street brokerages predict that M&T Bank Co. (NYSE:MTB) will report $1.50 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for M&T Bank’s earnings, with the highest sales estimate coming in at $1.51 billion and the lowest estimate coming in at $1.49 billion. M&T Bank reported sales of $1.42 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.6%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Wednesday, October 17th.
On average, analysts expect that M&T Bank will report full year sales of $5.92 billion for the current financial year, with estimates ranging from $5.88 billion to $5.95 billion. For the next year, analysts anticipate that the business will post sales of $6.13 billion, with estimates ranging from $6.05 billion to $6.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for M&T Bank.
M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, July 18th. The financial services provider reported $3.26 earnings per share for the quarter, topping the consensus estimate of $3.17 by $0.09. M&T Bank had a net margin of 24.57% and a return on equity of 11.80%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the business posted $2.35 earnings per share.
Several research analysts have commented on the stock. Vining Sparks reaffirmed a “buy” rating and set a $220.00 price objective on shares of M&T Bank in a research note on Tuesday. ValuEngine lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, July 6th. Zacks Investment Research raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $195.00 price objective for the company in a research note on Tuesday, June 19th. Wedbush lifted their price objective on shares of M&T Bank from $190.00 to $197.00 and gave the stock a “neutral” rating in a research note on Thursday, July 19th. Finally, Morgan Stanley lifted their price objective on shares of M&T Bank from $191.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Friday, July 20th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $181.08.
NYSE MTB traded down $1.93 on Monday, hitting $158.52. 1,086,695 shares of the stock were exchanged, compared to its average volume of 804,754. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $23.66 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 0.89 and a beta of 0.95. M&T Bank has a 52-week low of $155.36 and a 52-week high of $197.37.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Tuesday, September 4th were paid a dividend of $1.00 per share. This is a positive change from M&T Bank’s previous quarterly dividend of $0.80. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, August 31st. M&T Bank’s payout ratio is currently 42.78%.
In other news, Director Denis J. Salamone sold 25,209 shares of the business’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $179.76, for a total transaction of $4,531,569.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of MTB. Fisher Asset Management LLC purchased a new stake in shares of M&T Bank during the first quarter valued at $204,000. GSA Capital Partners LLP purchased a new stake in shares of M&T Bank during the first quarter valued at $342,000. Koch Industries Inc. boosted its stake in shares of M&T Bank by 89.3% during the first quarter. Koch Industries Inc. now owns 2,499 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 1,179 shares during the period. BB&T Securities LLC boosted its stake in shares of M&T Bank by 54.4% during the first quarter. BB&T Securities LLC now owns 26,160 shares of the financial services provider’s stock valued at $4,822,000 after purchasing an additional 9,219 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its stake in shares of M&T Bank by 2.0% during the first quarter. Nomura Asset Management Co. Ltd. now owns 20,428 shares of the financial services provider’s stock valued at $3,766,000 after purchasing an additional 391 shares during the period. 81.23% of the stock is owned by hedge funds and other institutional investors.
M&T Bank Company Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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