Brokerages Anticipate M&T Bank Corporation (NYSE:MTB) to Announce $2.39 Earnings Per Share

Wall Street analysts expect M&T Bank Corporation (NYSE:MTB) to report earnings per share (EPS) of $2.39 for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for M&T Bank Corporation’s earnings, with the lowest EPS estimate coming in at $2.33 and the highest estimate coming in at $2.48. M&T Bank Corporation posted earnings per share of $2.13 in the same quarter last year, which would indicate a positive year over year growth rate of 12.2%. The company is scheduled to report its next quarterly earnings results on Wednesday, October 18th.

According to Zacks, analysts expect that M&T Bank Corporation will report full year earnings of $9.23 per share for the current year, with EPS estimates ranging from $9.00 to $9.45. For the next fiscal year, analysts anticipate that the firm will report earnings of $9.92 per share, with EPS estimates ranging from $9.55 to $10.40. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that follow M&T Bank Corporation.

M&T Bank Corporation (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $2.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.27 by $0.08. M&T Bank Corporation had a net margin of 24.10% and a return on equity of 9.48%. The company had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $2.07 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis.

Several research analysts have recently issued reports on MTB shares. BidaskClub upgraded shares of M&T Bank Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Zacks Investment Research upgraded shares of M&T Bank Corporation from a “hold” rating to a “strong-buy” rating and set a $180.00 price objective for the company in a report on Wednesday, May 3rd. Piper Jaffray Companies decreased their price objective on shares of M&T Bank Corporation from $157.00 to $153.00 and set a “neutral” rating for the company in a report on Tuesday, April 11th. ValuEngine upgraded shares of M&T Bank Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $168.00 price objective on shares of M&T Bank Corporation in a report on Tuesday, April 4th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $160.40.

In related news, insider Richard S. Gold sold 6,904 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $162.71, for a total value of $1,123,349.84. Following the completion of the sale, the insider now owns 39,326 shares in the company, valued at approximately $6,398,733.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian E. Hickey sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $162.02, for a total transaction of $324,040.00. Following the completion of the sale, the insider now owns 12,169 shares of the company’s stock, valued at approximately $1,971,621.38. The disclosure for this sale can be found here. 3.18% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. purchased a new stake in shares of M&T Bank Corporation during the first quarter valued at approximately $101,000. QCI Asset Management Inc. NY increased its stake in shares of M&T Bank Corporation by 8.3% in the first quarter. QCI Asset Management Inc. NY now owns 1,056 shares of the bank’s stock valued at $163,000 after buying an additional 81 shares during the period. Mosaic Family Wealth LLC increased its stake in shares of M&T Bank Corporation by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 1,163 shares of the bank’s stock valued at $180,000 after buying an additional 33 shares during the period. Bluestein R H & Co. purchased a new stake in shares of M&T Bank Corporation during the first quarter valued at approximately $217,000. Finally, WealthTrust Axiom LLC purchased a new stake in shares of M&T Bank Corporation during the first quarter valued at approximately $220,000. Institutional investors and hedge funds own 79.70% of the company’s stock.

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Shares of M&T Bank Corporation (NYSE MTB) opened at 163.92 on Friday. The firm has a market capitalization of $25.00 billion, a P/E ratio of 19.20 and a beta of 0.77. The stock’s 50 day moving average is $162.17 and its 200-day moving average is $160.45. M&T Bank Corporation has a 52-week low of $111.82 and a 52-week high of $173.72.

M&T Bank Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the bank to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

M&T Bank Corporation Company Profile

M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.

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Earnings History and Estimates for M&T Bank Corporation (NYSE:MTB)

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