M&T Bank Analysts Boost Their Forecasts After Q1 Results

Author: Avi Kapoor | April 16, 2024 08:53am

M&T Bank Corporation (NYSE:MTB) reported in-line first-quarter earnings on Monday.

Revenue of $2.260 billion, slightly missing the consensus of $2.263 billion. Net income of $531 million came below $702 million a year ago. EPS was $3.09, which came in line with the consensus, according to data from Benzinga Pro.

M&T held total assets of $211.5 billion as of March 31, 2024. Loans and leases, net of unearned discount, were $133.8 billion. The CET1 capital ratio was estimated at 11.07% as of March 31, 2024.

Daryl N. Bible, M&T’s Chief Financial Officer, said,“We are off to a solid start in 2024 as we were able to grow certain sectors of our commercial and consumer loan portfolios, while continuing to shrink our commercial real estate exposure. Expenses were prudently managed in the recent quarter and our selective approach to allocating resources to our strategic priorities with utmost care has not wavered.”

M&T Bank shares gained 4.6% to close at $140.94 on Monday.

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

• B of A Securities raised the price target on M&T Bank from $157 to $160. B of A Securities analyst Ebrahim Poonawala maintained a Buy rating.
• Wells Fargo raised the price target on M&T Bank from $145 to $150. Wells Fargo analyst Mike Mayo maintained an Equal-Weight rating.
• RBC Capital analyst Gerard Cassidy, meanwhile, reiterated M&T Bank with an Outperform and maintained a $160 price target.

 

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Posted In: MTB