These Analysts Cut Their Forecasts On M&T Bank Following Upbeat Q3 Results

M&T Bank (NYSE:MTB) reported better-than-expected earnings for the third quarter on Friday.

The company posted quarterly earnings of $5.08 per share which beat the analyst consensus estimate of $4.96 per share. The company reported quarterly sales of $2.536 billion which beat the analyst consensus estimate of $2.533 billion.

“M&T’s third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T’s franchise and our ability to meet customers’ evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people’s lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve,” said Daryl N. Bible, M&T’s Chief Financial Officer.

M&T Bank shares fell 0.8% to trade at $213.44 on Monday.

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

• RBC Capital analyst Gerard Cassidy maintained the stock with an Outperform rating and lowered the price target from $255 to $245.
• Morgan Stanley analyst Manan Gosalia maintained the stock with an Overweight rating and cut the price target from $301 to $294.

Considering buying MTB stock? Here’s what analysts think:

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