Zacks: Brokerages Expect M&T Bank Co. (NYSE:MTB) Will Post Quarterly Sales of $1.53 Billion

Wall Street analysts expect M&T Bank Co. (NYSE:MTB) to announce $1.53 billion in sales for the current quarter, according to Zacks. Four analysts have issued estimates for M&T Bank’s earnings, with estimates ranging from $1.52 billion to $1.56 billion. M&T Bank reported sales of $1.49 billion during the same quarter last year, which would suggest a positive year over year growth rate of 2.7%. The firm is expected to report its next quarterly earnings report on Wednesday, October 16th.

According to Zacks, analysts expect that M&T Bank will report full year sales of $6.15 billion for the current financial year, with estimates ranging from $6.08 billion to $6.20 billion. For the next financial year, analysts anticipate that the firm will post sales of $6.14 billion, with estimates ranging from $6.05 billion to $6.21 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for M&T Bank.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.34 earnings per share for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the company posted $3.26 EPS.

A number of research analysts have recently weighed in on MTB shares. ValuEngine raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Thursday. Barclays lowered their price target on M&T Bank from $217.00 to $206.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Keefe, Bruyette & Woods lowered their price target on M&T Bank from $189.00 to $185.00 and set an “outperform” rating on the stock in a report on Friday, July 19th. Wedbush boosted their price target on M&T Bank from $150.00 to $155.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Macquarie set a $158.00 price target on M&T Bank and gave the stock a “sell” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $176.77.

NYSE:MTB traded down $3.54 on Monday, hitting $154.08. The stock had a trading volume of 54,522 shares, compared to its average volume of 822,849. The stock has a market cap of $21.53 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 2.20 and a beta of 1.05. The company has a current ratio of 1.01, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $167.60. M&T Bank has a 52-week low of $133.78 and a 52-week high of $180.77.

In related news, insider Doris P. Meister sold 460 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $160.29, for a total transaction of $73,733.40. Following the completion of the transaction, the insider now owns 1,553 shares in the company, valued at approximately $248,930.37. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Darren J. King sold 1,841 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $162.95, for a total value of $299,990.95. Following the transaction, the chief financial officer now owns 46,263 shares of the company’s stock, valued at approximately $7,538,555.85. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in shares of M&T Bank by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 746,514 shares of the financial services provider’s stock valued at $106,839,000 after buying an additional 9,307 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of M&T Bank by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 2,013,252 shares of the financial services provider’s stock valued at $287,704,000 after purchasing an additional 95,142 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of M&T Bank by 2.1% in the fourth quarter. Nuveen Asset Management LLC now owns 3,656 shares of the financial services provider’s stock valued at $523,000 after purchasing an additional 76 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of M&T Bank by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,348 shares of the financial services provider’s stock valued at $909,000 after purchasing an additional 112 shares during the period. Finally, First Allied Advisory Services Inc. increased its holdings in shares of M&T Bank by 4.8% in the fourth quarter. First Allied Advisory Services Inc. now owns 3,225 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 149 shares during the period. Institutional investors own 81.45% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.

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