Valued at a market cap of $29.7 billion, M&T Bank Corporation (MTB) operates as a bank holding company for M&T Bank and Wilmington Trust, a National Association that provides retail and commercial banking products and services. The New York-based company is expected to announce its fiscal Q3 earnings results before the market opens on Thursday, Oct. 17.

Ahead of this event, analysts project the bank holding company to report a profit of $3.59 per share, a decline of 11.4% from $4.05 per share in the year-ago quarter. Moreover, the company has surpassed Wall Street's earnings estimates in two of the last four quarters while missing on two other occasions. In Q2, the company reported an EPS of $3.79, which topped the consensus estimates by 8.3%. 

For fiscal 2024, analysts expect MTB to report an EPS of $14.16, down 11.9% from $16.08 in fiscal 2023. However, EPS is expected to grow 14.6% year-over-year to $16.23 in fiscal 2025.

Shares of M&T Bank have increased 36.6% over the past 52 weeks, outpacing both the S&P 500 Index's ($SPX) 33.1% rise and the Financial Select Sector SPDR Fund’s (XLF) 35.9% return over the same period.

On Jul. 18, shares of MTB rose 1.7% following its Q2 earnings release as its adjusted earnings of $3.79 per share and revenue of $2.3 billion in the period both surpassed Wall Street’s estimates. Despite a 5% year-over-year decline in net interest income, the company benefited from growth in average commercial and industrial loans and leases coupled with higher deposits in the quarter. The decline in nonaccrual and total criticized loans, primarily due to reduced commercial real estate exposure, also contributed to its outperformance. 

Analysts' consensus view on M&T Bank’s stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 20 analysts covering the stock, 10 recommend a "Strong Buy," one suggests a "Moderate Buy," eight suggest "Hold," and one recommends a “Strong Sell” rating. This configuration is more bullish than three months ago, with eight analysts suggesting a "Strong Buy."

The mean price target for MTB is $186.21, indicating a potential upside of 7.8% from the current levels. 

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On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.