Zacks: Brokerages Expect M&T Bank Co. (MTB) Will Announce Quarterly Sales of $1.42 Billion

Wall Street analysts expect M&T Bank Co. (NYSE:MTB) to post sales of $1.42 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for M&T Bank’s earnings, with estimates ranging from $1.41 billion to $1.42 billion. M&T Bank reported sales of $1.36 billion in the same quarter last year, which would suggest a positive year over year growth rate of 4.4%. The business is scheduled to issue its next earnings results on Monday, April 16th.

According to Zacks, analysts expect that M&T Bank will report full year sales of $1.42 billion for the current financial year, with estimates ranging from $5.75 billion to $5.92 billion. For the next fiscal year, analysts expect that the business will post sales of $6.02 billion per share, with estimates ranging from $5.89 billion to $6.12 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 Thursday, January 18th. The financial services provider reported $2.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.40 by $0.26. M&T Bank had a return on equity of 10.12% and a net margin of 23.40%. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the company posted $1.98 earnings per share. M&T Bank’s revenue for the quarter was up 2.8% on a year-over-year basis.

A number of brokerages have issued reports on MTB. Wedbush reissued a “neutral” rating and issued a $186.00 price target (up from $180.00) on shares of M&T Bank in a report on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating on shares of M&T Bank in a report on Tuesday. Piper Jaffray Companies reissued a “neutral” rating on shares of M&T Bank in a report on Thursday, January 18th. Zacks Investment Research raised M&T Bank from a “hold” rating to a “strong-buy” rating and set a $217.00 price target for the company in a report on Wednesday, January 24th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $180.00 target price on shares of M&T Bank in a research note on Thursday, December 14th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $176.12.

In related news, Director Gary N. Geisel sold 1,046 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $170.49, for a total value of $178,332.54. Following the completion of the transaction, the director now directly owns 17,586 shares of the company’s stock, valued at approximately $2,998,237.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael J. Todaro sold 672 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $188.56, for a total value of $126,712.32. Following the completion of the transaction, the insider now directly owns 814 shares of the company’s stock, valued at $153,487.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 29,000 shares of company stock valued at $2,710 and have sold 92,427 shares valued at $17,033,174. Corporate insiders own 3.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MTB. Canada Pension Plan Investment Board raised its stake in M&T Bank by 1,012.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 250,491 shares of the financial services provider’s stock valued at $40,339,000 after purchasing an additional 227,980 shares during the last quarter. PGGM Investments raised its stake in M&T Bank by 103.5% in the 3rd quarter. PGGM Investments now owns 256,781 shares of the financial services provider’s stock valued at $41,352,000 after purchasing an additional 130,607 shares during the last quarter. Pinebridge Investments L.P. raised its stake in M&T Bank by 115.4% in the 3rd quarter. Pinebridge Investments L.P. now owns 177,184 shares of the financial services provider’s stock valued at $28,534,000 after purchasing an additional 94,919 shares during the last quarter. Bank of Montreal Can raised its stake in M&T Bank by 24.4% in the 4th quarter. Bank of Montreal Can now owns 375,427 shares of the financial services provider’s stock valued at $64,194,000 after purchasing an additional 73,689 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in M&T Bank by 45.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 206,197 shares of the financial services provider’s stock valued at $33,203,000 after purchasing an additional 64,911 shares during the last quarter. 77.70% of the stock is owned by hedge funds and other institutional investors.

Shares of M&T Bank (MTB) traded up $4.27 during trading hours on Friday, reaching $182.62. The company’s stock had a trading volume of 812,773 shares, compared to its average volume of 645,298. M&T Bank has a one year low of $141.12 and a one year high of $193.85. The firm has a market capitalization of $28,150.00, a P/E ratio of 20.71, a PEG ratio of 1.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.05.

M&T Bank declared that its Board of Directors has authorized a stock buyback program on Monday, February 5th that allows the company to buyback $745.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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About M&T Bank

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 (NYSE:MTB)

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