M&T Bank Analysts Boost Their Forecasts Following Upbeat Earnings

M&T Bank Corporation MTB reported better-than-expected second-quarter financial results on Thursday.

M&T Bank reported quarterly earnings of $3.79 per share which beat the analyst consensus estimate of $3.50 per share. Quarterly sales came in at $2.302 billion topping expectations of $2.277 billion, according to data from Benzinga Pro.

“Building on a strong start to the year, the second quarter results reflect a 24% increase in diluted earnings per common share from the first quarter. We continued to grow our commercial and industrial and consumer loan portfolios, while lessening our commercial real estate exposure. Credit metrics improved as both nonaccrual and total criticized loans declined sequentially. Liquidity and capital positions are exceptional, and we are pleased with the reduction in our stress capital buffer that becomes effective later this year. Our team continues to diligently deploy resources while controlling expense growth. We are grateful for our employees’ commitment to our customers and communities which was again on full display in the first half of 2024 through various community events and volunteer engagements throughout our footprint,” Daryl N. Bible, M&T’s Chief Financial Officer said.

M&T Bank shares fell 0.5% to trade at $166.51 on Friday.

These analysts made changes to their price targets on M&T Bank following the announcement.

• Keefe, Bruyette & Woods analyst David Konrad maintained M&T Bank with a Market Perform rating, while increasing the price target from $170 to $180.
• DA Davidson analyst Peter Winter maintained the stock with a Neutral rating and boosted the price target from $159 to $185.
• RBC Capital analyst Gerard Cassidy maintained M&T Bank with an Outperform rating and raised the price target from $160 to $174.

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