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M&T Bank

M&T Bank is one of the largest regional banks in the United States, with branches in New York, Pennsylvania, West Virginia, Virginia, Maryland, Delaware, and New Jersey. The bank was founded to serve manufacturing and trading businesses around the Erie Canal and is primarily focused on commercial real estate and commercial-related lending, with some retail operations also present.

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In the preceding three months, 14 analysts have released ratings for M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>), presenting a wide array of perspectives from bullish to bearish.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for M&amp;T Bank, revealing an average target of $203.64, a high estimate of $228.00, and a low estimate of $165.00. This upward trend is evident, with the current average reflecting a 12.65% increase from the previous average price target of $180.77.
<img src="https://www.benzinga.com/files/images/story/2024/1729285217_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
The analysis of recent analyst actions sheds light on the perception of M&amp;T Bank by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mike Mayo</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Underweight</td>
<td>$190.00</td>
<td>$165.00</td>
</tr>
<tr>
<td>Ebrahim Poonawala</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$218.00</td>
<td>$188.00</td>
</tr>
<tr>
<td>Ryan Nash</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Neutral</td>
<td>$216.00</td>
<td>$190.00</td>
</tr>
<tr>
<td>Jason Goldberg</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$228.00</td>
<td>$170.00</td>
</tr>
<tr>
<td>Gerard Cassidy</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$208.00</td>
<td>$190.00</td>
</tr>
<tr>
<td>Bill Carcache</td>
<td>Wolfe Research</td>
<td>Announces</td>
<td>Outperform</td>
<td>$210.00</td>
<td>-</td>
</tr>
<tr>
<td>John Pancari</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$210.00</td>
<td>$187.00</td>
</tr>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$210.00</td>
<td>$208.00</td>
</tr>
<tr>
<td>Steven Alexopoulos</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$215.00</td>
<td>$183.00</td>
</tr>
<tr>
<td>Mike Mayo</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$165.00</td>
<td>$170.00</td>
</tr>
<tr>
<td>Manan Gosalia</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$220.00</td>
<td>$195.00</td>
</tr>
<tr>
<td>Steven Alexopoulos</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$183.00</td>
<td>$180.00</td>
</tr>
<tr>
<td>Ebrahim Poonawala</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$188.00</td>
<td>$160.00</td>
</tr>
<tr>
<td>Frank Schiraldi</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$190.00</td>
<td>$164.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to M&amp;T Bank. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of M&amp;T Bank compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for M&amp;T Bank's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
To gain a panoramic view of M&amp;T Bank's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/MTB/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on M&amp;T Bank analyst ratings.</a>
<h2>Get to Know M&amp;T Bank Better</h2>
M&amp;T Bank is one of the largest regional banks in the United States, with branches in New York, Pennsylvania, West Virginia, Virginia, Maryland, Delaware, and New Jersey. The bank was founded to serve manufacturing and trading businesses around the Erie Canal and is primarily focused on commercial real estate and commercial-related lending, with some retail operations also present.
<h3>Financial Insights: M&amp;T Bank</h3>
Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.
Revenue Growth: M&amp;T Bank's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 1.3%. This signifies a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Financials sector.
Net Margin: M&amp;T Bank's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 28.9%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): The company's ROE is below industry benchmarks, signaling potential difficulties in efficiently using equity capital. With an ROE of 2.58%, the company may need to address challenges in generating satisfactory returns for shareholders.
Return on Assets (ROA): M&amp;T Bank's ROA stands out, surpassing industry averages. With an impressive ROA of 0.32%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: M&amp;T Bank's debt-to-equity ratio is notably higher than the industry average. With a ratio of 0.54, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<h2>The Significance of Analyst Ratings Explained</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

M&T Bank Stock: A Deep Dive Into Analyst Perspectives (14 Ratings)

Wells Fargo analyst Mike Mayo maintains M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Underweight and raises the price target from $165 to $190.

Price Target

Wells Fargo Maintains Underweight on M&T Bank, Raises Price Target to $190

B of A Securities analyst Ebrahim Poonawala maintains M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Buy and raises the price target from $188 to $218.

B of A Securities Maintains Buy on M&T Bank, Raises Price Target to $218

M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) reported better-than-expected third-quarter <a href="https://www.benzinga.com/quote/MTB/earnings">financial results on Thursday</a>.
M&amp;T Bank reported quarterly earnings of $4.08 per share which beat the analyst consensus estimate of $3.64 per share. The company reported quarterly sales of $2.332 billion which beat the analyst consensus estimate of $2.318 billion.
M&amp;T&#8217;s Chief Financial Officer said, &#8220;M&amp;T&#8217;s positive earnings momentum, strong capital position and unyielding focus on delivering for our customers and the communities we serve have positioned the franchise for a strong finish to 2024. I am proud of how our employees have exhibited our core values as we execute on our strategic priorities.&#8221;
M&amp;T Bank shares fell 0.5% to trade at $197.98 on Friday.
These analysts made changes to their price targets on M&amp;T Bank following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e2085217da4190001b418fa/gerard-cassidy">RBC Capital analyst Gerard Cassidy</a> maintained M&amp;T Bank with an Outperform and raised the price target from $190 to $208.</li>
<li>Barclays analyst Jason Goldberg maintained the stock with an Equal-Weight and raised the price target from $170 to $228.</li>
<li>Goldman Sachs analyst Ryan Nash maintained M&amp;T Bank with a Neutral and raised the price target from $190 to $216.</li>
</ul>
Considering buying MTB stock? Here&#8217;s what analysts think: 
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Earnings

M&T Bank Analysts Boost Their Forecasts After Upbeat Earnings

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>TD Cowen raised Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) price target from $133 to $149. TD Cowen analyst Bill Katz maintained a Hold rating. Blackstone shares closed at $169.73 on Thursday. <a href="https://www.benzinga.com/quote/bx/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan boosted the price target for Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) from $57 to $60. JP Morgan analyst Andrea Teixeira maintained a Neutral rating. Molson Coors Beverage shares closed at $56.05 on Thursday. <a href="https://www.benzinga.com/quote/tap/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Barclays raised the price target for Webster Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBS#NYSE">WBS</a>) from $60 to $63. Barclays analyst Jared Shaw maintained an Overweight rating. Webster Financial shares closed at $54.25 on Thursday. <a href="https://www.benzinga.com/quote/wbs/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs raised M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) price target from $190 to $216. Goldman Sachs analyst Ryan Nash maintained a Neutral rating. M&amp;T Bank shares settled at $198.87 on Thursday. <a href="https://www.benzinga.com/quote/mtb/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital cut ManpowerGroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAN#NYSE">MAN</a>) price target from $87 to $71. BMO Capital analyst Jeffrey Silber maintained a Market Perform rating. Synchrony Financial shares closed at $67.05 on Thursday. <a href="https://www.benzinga.com/quote/man/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler cut Great Southern Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSBC#NASDAQ">GSBC</a>) price target from $64 to $62. Piper Sandler analyst Andrew Liesch maintained a Neutral rating. Great Southern Bancorp shares closed at $58.64 on Thursday. <a href="https://www.benzinga.com/quote/gsbc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Canaccord Genuity raised the price target for BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) from $2.7 to $2.8. Canaccord Genuity analyst Kingsley Crane maintained a Hold rating. BlackBerry shares settled at $2.58 on Thursday. <a href="https://www.benzinga.com/quote/bb/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Bernstein raised Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) price target from $625 to $780. Bernstein analyst Laurent Yoon maintained a Market Perform rating. Netflix shares closed at $687.65 on Thursday. <a href="https://www.benzinga.com/quote/nflx/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>UBS increased the price target for Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) from $102 to $114. UBS analyst Lloyd Walmsley maintained a Buy rating. Uber shares closed at $79.90 on Thursday. <a href="https://www.benzinga.com/quote/uber/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities raised NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) price target from $165 to $190. B of A Securities analyst Vivek Arya maintained a Buy rating. NVIDIA shares closed at $136.93 on Thursday. <a href="https://www.benzinga.com/quote/nvda/analyst-ratings">See how other analysts view this stock</a>.</li>
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NVIDIA To Rally Around 39%? Here Are 10 Top Analyst Forecasts For Friday

Goldman Sachs analyst Ryan Nash maintains M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Neutral and raises the price target from $190 to $216.

Goldman Sachs Maintains Neutral on M&T Bank, Raises Price Target to $216

Barclays analyst Jason Goldberg maintains M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Equal-Weight and raises the price target from $170 to $228.

Barclays Maintains Equal-Weight on M&T Bank, Raises Price Target to $228

RBC Capital analyst Gerard Cassidy maintains M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) with a Outperform and raises the price target from $190 to $208.

RBC Capital Maintains Outperform on M&T Bank, Raises Price Target to $208

A semiconductor rally pushed the S&amp;P 500 to new all-time highs on Thursday, with strong earnings from Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) boosting tech sentiment after a weak report from ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41383732/stock-of-the-day-taiwan-semiconductor-breaks-out-as-buyers-push-prices-higher">earlier in the week.</a>
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) jumped 2.3%, leading sector gains. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) hit fresh record highs, reaching $141 per share during the morning session.
The Nasdaq 100 outperformed major indices, while small caps underperformed as the Russell 2000 faced resistance at a key technical level. The Dow briefly touched a record high of 43,289 points before pulling back slightly.
On the macro front, September retail sales exceeded expectations, and jobless claims fell last week, reinforcing views of strong economic resilience. However, this also slightly hit hopes for Fed rate cuts as economists voiced doubts about the <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41386234/strong-september-retail-sales-put-feds-next-move-in-doubt-interest-rate-cuts-are-">need for further easing in November.</a>
The U.S. dollar strengthened, with the dollar index (DXY) climbing to levels last seen in early August. The euro fell 0.4% as the European Central Bank cut interest rates amid weak economic data and ongoing disinflation.
Gold prices, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.5%, setting new records despite rising Treasury yields. The 10-year Treasury yield gained 8 basis points to 4.10%, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) slid 1.6%, marking its worst session since early August.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 0.4%, taking a breather after four consecutive sessions of gains.
<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,304.26</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,865.46</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>43,231.61</td>
<td>0.4%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,279.25</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101724&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $584.45.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.4% higher to $432.52.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 0.7% to $494.15.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $226.02.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1%. The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 0.5%.</li>
</ul>
<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>
<ul>
<li>Semiconductor stocks rallying Thursday on the heels of strong TSM earnings were Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), up 4%; Lattice Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), up 4%; Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), up 3.6% and Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), up 3.1%.</li>
<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) soared over 7% to fresh record highs after a strong quarterly report. </li>
<li>Other stocks reacting to company earnings included CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), down 6%; Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), up 0.1%; Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), up 2%; Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), down 2.5%; Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), up 6%; Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), down 3%; Marsh &amp; McLennan Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), up 0.1%; Elevance Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>), down 12%; Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), up 8%; Truist Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>), down 1.2%; M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>), up 5%; Huntington Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>), down 1.8% and KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), down 1.5%.</li>
<li>Companies slated to report their earnings after the close include Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), Crown Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) and Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>). </li>
</ul>
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Chipmakers Rally, Nvidia Smashes Records On TSMC Blowout Earnings, Gold Hits All-Time Highs: What's Driving Markets Thursday?

WIIM

M&T Bank shares are trading higher after the company reported better-than-expected Q3 financial results.

Technology stocks, specifically chipmakers, could lead from the front on Thursday as a<a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips"> stellar third-quarter earnings report </a>from Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is triggering positive sentiment toward all artificial intelligence plays. Oil prices have rebounded and gold traded at a fresh record, while bond yields held steady ahead of a slew of market-moving data that include retail sales, a regional manufacturing activity index, industrial production, and jobless claims.
Earnings news could provide an offsetting impact in the eventuality of the market construing the economic data as inclement. Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) is the first among the mega-cap earnings due after the market close and the results could evince interest among traders and set the tone for the tech reporting season.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.81%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.42%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.11%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.09%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.42% to $584.76 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 0.83% to $495, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Small-caps ripped higher on Wednesday, extending their recent gains amid hopes of a benign economic environment but the major averages opened on a tentative note. Solid earnings reports from financial companies and strong gains by real-estate and utility stocks helped the major indices close firmly in the green.
The Dow Jones Industrial Average turned solidly higher immediately after spending the better part of the session above the unchanged line. The 30-stock blue-chip average ended at a fresh high, although it did not have enough momentum to break above its Oct. 15 intraday high of 43,277.78.
The S&amp;P 500 Index and the Nasdaq Composite had a lackluster first-half before picking up momentum in the afternoon. 
Of the 11 S&amp;P 500 sector classes, only communication services and consumer discretionary stocks declined in Wednesday&#8217;s session.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.28%</td>
<td>18,367.08</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.47%</td>
<td>5,842.47</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.79</td>
<td>43,077.70</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.64%</td>
<td>2,286.68</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Delving into the small-cap rally that has been on, LPL Financial Chief Technical Strategist Adam Turnquist said after being stuck in a consolidation phase over the past few months, small-caps have picked up some momentum in recent sessions, with the growth outlook recently improving — underpinned by better-than-feared labor market conditions — and increased visibility into Fed rate cuts, he said.
The strategist noted that the Russell 2,000 Index, or RTY, has rallied off the lower end of its rising price channel. &#8220;Recent strength in the banking space — the RTY's largest sector by weighting — has further supported small caps,&#8221; he said.
Technically, a close above 2,275 would confirm a breakout from its current symmetrical triangle and leave&nbsp;the 2021 highs (2,243)&nbsp;as the next resistance hurdle to clear, Turnquist said, adding that momentum indicators have also recently turned bullish, adding to the evidence of a topside breakout.
&#8220;Despite the improving absolute performance, the RTY vs. S&amp;P 500 ratio chart still remains in a downtrend and below its declining 200-day moving average (DMA),&#8221; he said. A close above the July highs would validate a trend reversal in favor of small caps outperforming, he added.
Meanwhile, a fund manager thinks AI-levered companies could be defensive plays. Louis Navellier said, &#8220;Semiconductor demand has become the new proxy for global growth trends, being incorporated into almost everything, and also has geopolitical implications with technology export controls in place and China continuing to saber rattle about taking Taiwan back.&#8221;
&#8220;The upshot here is the inference that AI will still have legs even if we slide into a global recession in &#8217;25,&#8221; he added.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>The Labor Department is scheduled to release the weekly jobless claim report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment insurance to come in at 260,000 in the week ended Oct. 12, up from 258,000 in the previous week.</li>
<li>The Commerce Department will release its September retail sales report at 8:30 a.m. EDT. The consensus estimates call for a 0.3% month-over-month increase in headline retail sales and a more modest 0.1% rise in retail sales, excluding the volatile auto sales. This compares to 0.1% increases for both in August.</li>
<li>The Philadelphia Fed is due to release the results of its manufacturing survey at 8:30 a.m. EDT. The diffusion index of business activity is expected to rise from 1.7 in September to 3 in October.</li>
<li>The Federal Reserve will release its industrial production report for September at 9:15 a.m. EDT. The consensus estimate models a 0.2% month-over-month decline in industrial output compared to 0.8% growth in August. </li>
<li>The Commerce Department&#8217;s business inventories report, due at 10 a.m. EDT, is expected to show a 0.3% month-over-month increase in business inventories for August, slightly slower than July&#8217;s 0.4% increase.</li>
<li>The National Association of Home Builders will release its housing market index for October at 10 a.m. EDT. The headline index, which measures confidence among homebuilders, is expected to rise a point from September to 42. A reading below 50 suggests a lack of confidence.</li>
<li>The Energy Information Administration will release its weekly oil inventories report at 11 p.m. EDT.</li>
<li>The Treasury is scheduled to auction four- and eight-week bills at 11:30 a.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) climbed nearly 5% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the aluminum maker&#8217;s quarterly results, and TSMC surged up over 8% on a beat-and-raise quarter.</li>
<li>Other stocks moving on earnings are CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) (down about 5%) Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) (down nearly 6%), and Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (up over 3%).</li>
<li>Blackstone Inc. (BX), Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), and M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) are among the noteworthy <a href="https://www.benzinga.com/calendars/earnings">companies reporting ahead of the market opening.</a></li>
<li>Those reporting after the close include Netflix, Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), WD-40 Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDFC#NASDAQ">WDFC</a>), and Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>).</li>
<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) climbed over 7.7% on the news that Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) might be interested in buying the company.</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) plunged over 15% on a common stock offering.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures are reversing course and were up modestly after their recent pullback and gold futures traded at a record. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped over 1% over the past 24 hours and was at a sub-$67K level.
The 10-year U.S. Treasury note yield was little changed at 4.036%.
The Asian markets ended mixed on Wednesday, as the Japanese, Chinese, Hong Kong, Indian, and South Korean markets retreated. Most other markets ended on a firm note, tracking higher energy prices and the positive close on Wall Street overnight.
European stocks traded in the green in the early hours, thanks to earnings optimism.
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Photo courtesy: Shutterstock

Futures

Previews

Movers

EXPE

LCID

WDFC

Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025

<ul>
<li>M&amp;T&#39;s capital position continues to strengthen as the CET1 capital ratio rose for the sixth consecutive quarter to an estimated&nbsp;11.54%&nbsp;at September&nbsp;30, 2024, representing a 9 basis point increase from&nbsp;11.45%&nbsp;at June&nbsp;30, 2024. M&amp;T repurchased shares of its common stock for a total cost of&nbsp;$200 million, including the share repurchase excise tax, in the&nbsp;third quarter&nbsp;of 2024.</li>
</ul>

M&T Bank's CET1 Capital Ratio Increased 9 Basis Points To An Estimated 11.54% At September 30, 2024, Compared With 11.45% At June 30, 2024

M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) reported quarterly earnings of $4.08 per share which beat the analyst consensus estimate of $3.64 by 12.09 percent. This is a 0.74 percent increase over earnings of $4.05 per share from the same period last year. The company reported quarterly sales of $2.332 billion which beat the analyst consensus estimate of $2.318 billion by 0.59 percent. This is a 0.13 percent decrease over sales of $2.335 billion the same period last year.

Earnings Beats

M&T Bank Q3 2024 Adj. EPS $4.08 Beats $3.64 Estimate, Sales $2.332B Beat $2.318B Estimate

M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/MTB/earnings">opening bell on Thursday, Oct. 17.</a>
Analysts expect the Buffalo, New York-based company to report quarterly earnings at $3.64 per share, down from $3.98 per share in the year-ago period. M&amp;T Bank projects to report revenue of $2.32 billion for the quarter, compared to $2.32 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Wednesday, M&amp;T Bank announced quarterly preferred stock dividends.
M&amp;T Bank shares gained 1.9% to close at $189.35 on Wednesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58d52969b85e930001416e54/bill-carcache">Wolfe Research analyst Bill Carcache</a> upgraded the stock from Peer Perform to Outperform with a price target of $210 on Oct. 4. This analyst has an accuracy rate of 81%.</li>
<li>Wedbush analyst David Chiaverini maintained an Outperform rating and boosted the price target from $208 to $210 on Sept. 24. This analyst has an accuracy rate of 62%.</li>
<li>JP Morgan analyst Steven Alexopoulos upgraded the stock from Neutral to Overweight and raised the price target from $183 to $215 on Sept. 3. This analyst has an accuracy rate of 70%.</li>
<li>Wells Fargo analyst Mike Mayo downgraded the stock from Equal-Weight to Underweight and cut the price target from $170 to $165 on Aug. 15. This analyst has an accuracy rate of 73%.</li>
<li>Morgan Stanley analyst Manan Gosalia maintained an Overweight rating and raised the price target from $195 to $220 on Aug. 5. This analyst has an accuracy rate of 79%.</li>
</ul>
Considering buying MTB stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="484" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17021509/image-134-1024x484.png" alt="" class="wp-image-599796" style="width:630px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17021509/image-134-1024x484.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17021509/image-134-300x142.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17021509/image-134-768x363.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17021509/image-134.png 1410w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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M&T Bank Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) is gearing up to announce its quarterly earnings on Thursday, 2024-10-17. Here's a quick overview of what investors should know before the release.
Analysts are estimating that M&amp;T Bank will report an earnings per share (EPS) of $3.64.
Investors in M&amp;T Bank are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Historical Earnings Performance</h3>
In the previous earnings release, the company beat EPS by $0.29, leading to a 1.27% drop in the share price the following trading session.
Here's a look at M&amp;T Bank's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>3.50</td>
<td>3.13</td>
<td>3.49</td>
<td>3.94</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>3.79</td>
<td>3.09</td>
<td>2.81</td>
<td>4.05</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>-3.0%</td>
<td>5.0%</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729094425_0.png" alt="eps graph" />
<h3>Tracking M&amp;T Bank's Stock Performance</h3>
Shares of M&amp;T Bank were trading at $185.88 as of October 15. Over the last 52-week period, shares are up 57.78%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/MTB/earnings">To track all earnings releases for M&amp;T Bank visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Uncovering Potential: M&T Bank's Earnings Preview

Huntington Bancshares Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hban#NASDAQ">HBAN</a>) is slated to report&nbsp;third-quarter 2024 results&nbsp;results on Oct. 17, before the opening bell. The company&#39;s quarterly revenues and earnings are expected to have declined year over year.
In the last reported quarter, the bank recorded a positive earnings surprise of 7.14%. Results have reflected improvements in average loans and deposits. However, a fall in net interest income (NII) and elevated expenses were headwinds.
HBAN has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 8.87%.
The Zacks Consensus Estimate for HBAN&#39;s third-quarter earnings of 30 cents per share has remained unchanged in the past seven days. The figure indicates a 16.67% decline from the year-ago reported number.
The consensus estimate for revenues is pegged at $1.86 billion, indicating a year-over-year decline of 1.67%.
<div class="chart_embed">
<h3>Huntington Bancshares Incorporated Price and EPS Surprise</h3>
<img alt="Huntington Bancshares Incorporated Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/c9/1728910582.png" style="height:258px; width:530px" title="" />
Huntington Bancshares Incorporated price-eps-surprise | Huntington Bancshares Incorporated Quote
Now, let us discuss factors that might have influenced Huntington Bancshares&#39; third-quarter performance.
</div>
<h2>Key Factors &amp; Estimates for HBAN&#39;s Q3 Result</h2>
Loans &amp; NII: On Sept. 18, the Federal Reserve cut the interest rates by 50 basis points to 4.75-5% for the first time since March 2020. While the rate cut is not expected to significantly affect HBAN&#39;s NII in the quarter under review, greater clarity on the Fed&#39;s rate cut path, along with a stabilizing macroeconomic environment, is likely to have aided the lending outlook.
The Zacks Consensus Estimate for NII is pegged at $1.35 billion, indicating a 3% rise sequentially.
Per the Fed&#39;s latest&nbsp;data, the demand for commercial and industrial loans and consumer loans was decent in the third quarter of 2024, while real estate loan was subdued.
Given the company&#39;s significant exposure to commercial loans, HBAN&#39;s lending book is likely to have been supported by the decent demand in commercial loans while the subdued real estate loan demand might have offset growth to some extent.
The Zacks Consensus Estimate for average total earning assets of $180.5 billion for the quarter under review indicates a 1.4% rise from the prior quarter&#39;s levels.
Non-Interest Income: As the central bank lowered the interest rates, mortgage rates started to come down. The rates declined to almost 6.2% by the end of the third quarter. Although mortgage origination volume remained subdued in the quarter under review, refinancing activities witnessed a significant surge supported by lower mortgage rates. This is likely to have supported HBAN&#39;s mortgage banking fees. The Zacks Consensus Estimate for mortgage banking income is pegged at $30.6 million, suggesting a 1.8% increase from the prior quarter&#39;s reported figure.
Global mergers and acquisitions in the third quarter of 2024 showed improvement after subdued 2023 and 2022.
Both deal value and volume were decent during the quarter, driven by solid financial performance, higher chances of a soft landing of the U.S. economy, buoyant markets and interest rate cuts. Also, the performance of the capital markets business, including issuance activities, improved. As a result, the company&#39;s capital markets and advisory fees are expected to have increased.
The Zacks Consensus Estimate for capital markets and advisory fees is pegged at $76.14 million, indicating 4.3% growth sequentially.
The strong performance of the equity market is likely to have supported wealth and asset management revenues during the quarter under review.The Zacks Consensus Estimate for wealth and asset management revenues is pegged at $92 million, indicating a 2.3% rise from the previous quarter&#39;s reported figure.
The consensus estimate for customer deposit and loan fees for the third quarter is pegged at $84.6 million, indicating a rise of 1.9% on a sequential basis. The consensus mark for insurance income of $18.3 million implies a sequential rise of 1.7%.
The consensus mark for total non-interest income is pegged at $507.4 million, indicating a 3.3% sequential rise.
Expenses: Huntington Bancshares&#39; higher outside data processing and other services expenses, deposit and marketing expenses are anticipated to have raised its costs in the third quarter. Also, the bank&#39;s efforts to expand its commercial banking capabilities in high growth markets by adding more branches and hiring professionals are expected to have contributed to higher costs.
Though strategic efficiency initiatives are likely to reduce expenses to some extent, long-term investments in key growth initiatives are expected to have kept its expense base higher.
Asset Quality: HBAN is likely to have set aside a substantial amount of money for potential delinquent loans, given the expectations of an economic slowdown.
The Zacks Consensus Estimate for total non-performing assets of $780.08 million indicates a marginal increase from the figure reported in the prior quarter.
<h2>What Our Model Unveils for HBAN?</h2>
Per our proven model, the chances of Huntington Bancshares beating estimates this time are low.&nbsp; The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
Earnings ESP: Huntington Bancshares has an&nbsp;Earnings ESP&nbsp;of -2.78%.
Zacks Rank: HBAN currently carries a Zacks Rank of 3.
<h2>Stocks to Consider</h2>
Here are some finance stocks that you may want to consider, as our model shows that these hold the right combination of elements to post an earnings beat this time around.
First Horizon Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fhn#NYSE">FHN</a>) has an Earnings ESP of +3.18% and carries a Zacks Rank #3 at present. The company is scheduled to release its third-quarter 2024 earnings on Oct. 16.
FHN&#39;s quarterly earnings estimates have been unchanged over the past seven days.
The Earnings ESP for M&amp;T Bank Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtb#NYSE">MTB</a>) is +0.33% and it also carries a Zacks Rank #3 at present. The company is slated to report its third-quarter 2024 results on Oct. 17.
The Zacks Consensus Estimate for MTB&#39;s quarterly earnings has remained unchanged in the past seven days.
<a href="https://www.zacks.com/stock/news/2350055/higher-costs-to-hurt-huntington-bancshares-q3-earnings-nii-to-aid?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2350055">To read this article on Zacks.com click here.</a>

Mid Cap

Financing

Higher Costs to Hurt Huntington Bancshares' Q3 Earnings, NII to Aid

CARV

CZNB

EWBC

FCNCA

FFWM

FITB

FNWD

FULT

GBCI

HOOD

HSBC

NYCB

SCHW

TIGR

TROW

TRUP

UPST

Shares of banking and financial services stocks are trading higher following better-than-expected financial results from JPMorgan Chase and Wells Fargo.

Citizens Financial Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cfg#NYSE">CFG</a>) is scheduled to report its third-quarter 2024 results on Oct. 16, before the opening bell. The company&#39;s earnings and revenues in the third quarter are expected to have declined from the year-ago reported figures.
In the second quarter of 2024, CFG&#39;s earnings missed the Zacks Consensus Estimate on lower net interest income (NII), a rise in provisions and operating expenses. However, an increase in non-interest income and lower allowance for credit losses offered some support.
The company&#39;s earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, the negative surprise being 16.39%, on average.
<div class="chart_embed">
<h3>Citizens Financial Group, Inc. Price and EPS Surprise</h3>
<h2><img alt="Citizens Financial Group, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/01/1728481134.png" style="height:266px; width:547px" title="" /></h2>
Citizens Financial Group, Inc. price-eps-surprise | Citizens Financial Group, Inc. Quote
</div>
<h2>Factors to Influence CFG&#39;s Q3 Earnings</h2>
Loans: The clarity on the Fed&#39;s rate cut path and the stabilizing macroeconomic backdrop are likely to have provided support to the lending scenario. According to the latest data from the Fed, the demand for commercial and industrial and consumer loans was modest in the first two months of the quarter, while demand for commercial real estate remained subdued.
The company&#39;s lending book is likely to have been positively impacted by improvement in commercial loans, while the subdued real estate loan demand might have offset growth to some extent.
The Zacks Consensus Estimate for average interest-earning assets is pegged at $199 billion, indicating an increase of nearly 1% from the prior quarter&#39;s reported figure. We estimate the metric to be $212.5 billion.
Net Interest Income: On Sept. 18, the Federal Reserve cut interest rates by 50 basis points to 4.75-5% for the first time since March 2020. While this development might prove to be helpful in the long term, it is not expected to have a positive impact on CFG&#39;s NII during the third quarter.
Also, relatively higher rates might have hurt NII growth prospects similar to the last quarter due to the elevated funding/deposit costs and an inverted yield curve during the major part of the quarter.
Management expects NII to be down 1-2% in the third quarter compared with the second quarter&#39;s reported figure of $1.41 million.
The Zacks Consensus Estimate for NII is pegged at $1.39 billion, indicating a 1.7% decrease from the prior quarter&#39;s reported figure. Our estimate for the metric is pegged at $1.38 billion.
Non-Interest Income: As the central bank lowered the interest rates, mortgage rates started to come down. The rates declined to almost 6.2% by the end of the third quarter. Although mortgage origination volume remained subdued in the quarter under review, refinancing activities witnessed a significant surge supported by lower mortgage rates. This is likely to have supported CFG&#39;s mortgage banking fees.
The Zacks Consensus Estimate for mortgage banking fees is pegged at $55.9 million, indicating a 3.5% rise from the prior quarter&#39;s reported figure. Our estimate for the metric is pegged at $62.1 million.
Decent client activity and impressive equity market performance are likely to have boosted the company&#39;s trust and investment services fees. The Zacks Consensus Estimate for trust and investment services fees is pegged at $77.8 million, indicating a 3.7% increase from the previous quarter&#39;s reported figure. Our estimate for the metric is pegged at $73.9 million.
Global mergers and acquisitions in the third quarter of 2024 showed improvement after subdued 2023 and 2022. Both deal value and volume were decent during the quarter, driven by solid financial performance, higher chances of a soft landing of the U.S. economy, buoyant markets and interest rate cuts. However, tough scrutiny by antitrust regulators and lingering geopolitical issues are likely to have affected the company&#39;s capital markets fee.
The Zacks Consensus Estimate for capital markets fees is pegged at $120.9 million, indicating a sequential decline of 9.8%. We estimate the metric to be $108.6 million.
Citizens Financial&#39;s efforts to enhance deposit balances on the back of past strategic acquisitions are likely to have aided service charge and fee revenues in the quarter under review. The Zacks Consensus Estimate for the service charge and fee revenues is pegged at $107.8 million, indicating a rise of 1.7% from the prior quarter&#39;s reported level. Our estimate for the metric is pegged at $111.1 million.
The Zacks Consensus Estimate for card fees is pegged at $89.4 million, indicating a sequential decline of 2.7%. We estimate the metric to reach $86.6 million.
Management expects fee income in the third quarter to be slightly up compared with $549 million in the second quarter. Further, the Zacks Consensus Estimate for the metric is pegged at $553.3 million, indicating a marginal sequential increase. Our estimate for the metric is pegged at $556.2 million.
Expenses: Citizens Financial&#39;s expenses are expected to have flared up in the quarter under review on the opening of private banking offices, franchise expansion, as well as investments in newer technological advancements.
Management projects adjusted non-interest expenses to be stable in the third quarter compared with the second-quarter 2024 level of $1.27 billion.
Asset Quality: The company is expected to have set aside substantial money for potential bad loans, especially commercial loans which accounted for 50.7% of total loans and leases as of June 30, 2024, given the expectations of an economic slowdown.
The Zacks Consensus Estimate for non-accrual loans and leases is pegged at $1.54 billion, indicating a rise of 1.2% from the previous quarter&#39;s reported figure. Our estimate for the metric is pegged at $1.51 billion.
<h2>What Our Model Unveils for CFG?</h2>
Our proven model predicts an earnings beat for Citizen Financial this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That is the case here, as you can see below.
Earnings ESP: Citizens Financial has an Earnings ESP of +0.31%.
Zacks Rank: The company currently carries a Zacks Rank of 3.
The Zacks Consensus Estimate for third-quarter earnings has remained unchanged in the past seven days at 78 cents per share. It suggests a year-over-year decline of 8.24%.
The consensus estimate for quarterly revenues of $1.94 billion indicates a 3.6% decline from the prior-year quarter&#39;s reported figure.
<h2>Other Stocks to Consider</h2>
Here are some other bank stocks that you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat this time around:
First Horizon Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fhn#NYSE">FHN</a>) has an Earnings ESP of +3.18% and carries a Zacks Rank #3 at present. The company is scheduled to release its third-quarter 2024 earnings on Oct. 16.
FHN&#39;s quarterly earnings estimates have been unchanged over the past 60 days.
The Earnings ESP for M&amp;T Bank Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mtb#NYSE">MTB</a>) is +0.49% and it carries a Zacks Rank #3 at present. The company is slated to report its third-quarter 2024 results on Oct. 17.
Over the past seven days, the Zacks Consensus Estimate for MTB&#39;s quarterly earnings has remained unchanged in the past seven days.
<a href="https://www.zacks.com/stock/news/2348450/fee-income-to-support-citizens-financial-s-q3-earnings-amid-lower-nii?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2348450">To read this article on Zacks.com click here.</a>

Earnings Misses

Management

Fee Income to Support Citizens Financial's Q3 Earnings Amid Lower NII

The third-quarter earnings season for U.S. banks will officially kick off this Friday, with major financial institutions like JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) set <a href="https://www.benzinga.com/news/earnings/24/10/41216873/us-banks-earnings-preview-soft-landing-hopes-interest-rate-cuts-key-catalysts-for-stocks">to report their results. </a>
The following Tuesday will see additional earnings releases from mega-cap players such as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), as well as some regional banks.
<h3 class="wp-block-heading">Banking Sector Performance So Far In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png" alt="" class="wp-image-587909" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1536x671.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart:<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100924&amp;t=be2bearmibe3na1"> Benzinga Pro</a></figcaption></figure>
Thus far, in 2024, the banking sector has shown strong performance. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), which tracks major financial stocks, has risen 21% year-to-date, matching the performance of the broader market as represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
However, regional banks have lagged behind their larger counterparts. The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) is up just 6% year-to-date, though it has outperformed over the past three months. This recent rebound is largely due to falling inflation and increasing expectations of Federal Reserve interest rate cuts.
With earnings season approaching, the question on many investors&#8217; minds is whether large banks will maintain their positive performance gap over regional players or if recent market developments will impact their results and outlooks. 
Here&#8217;s what Wall Street analysts are saying ahead of the bank earnings season.
<h3 class="wp-block-heading">Analyst Expectations And Top Picks</h3>
<h4 class="wp-block-heading">RBC Capital Markets – Gerard Cassidy, co-head of global financials research</h4>
&#8220;We believe the set-up looks very good for banks over the next 12-18 months. We expect the Federal Reserve to cut short-term interest rates by 200-250 basis points over this period, and the finalization of the Basel III &#8216;endgame&#8217; proposal will allow banks to return excess capital through buybacks and dividends. We continue to recommend an overweight position in bank stocks.&#8221;
<ul>
<li>Top Picks (RBC holds earnings per share estimates for both above Street consensus for the third quarter)
<ul>
<li>Truist Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)</li>
<li>KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">JPMorgan Chase &amp; Co. – Anthony Elian, CFA</h4>
&#8220;As the Federal Reserve reduces rates, several industry headwinds could turn into tailwinds.&#8221; This includes:
<ol>
<li>Lower deposit costs, improving net interest margins (NIMs)</li>
<li>An uptick in commercial loan demand</li>
<li>Easing credit quality concerns, particularly for banks with commercial real estate (CRE) exposure</li>
<li>A resumption of buyback programs as reserves are released</li>
<li>Increased exit market and venture capital activity.</li>
</ol>
<ul>
<li>Top Picks:
<ul>
<li>First Citizens Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NYSE">FCNCA</a>)</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</li>
<li>Pinnacle Financial Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Wedbush Securities – David J. Chiaverini, CFA</h4>
&#8220;We expect mixed trends for banks in Q3, with modest loan and deposit growth, stabilizing deposit mix shifts, and NIMs benefiting from fixed asset repricing. Some banks will be more positively positioned than others in this environment.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>)</li>
<li>Columbia Banking Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) Wedbush believes Columbia Banking Systems will benefit from a lower rate environment as it is liability-sensitive, unlike most banks that are asset-sensitive.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Bank of America – Ebrahim H. Poonawala</h4>
&#8220;We favor regional banks over large money centers heading into Q3, given better net interest income (NII) defensibility and greater capital relief as mark-to-market losses on bond books decrease. Our top ideas going into Q3 earnings include a mix of regionals and larger financial institutions.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>)</li>
<li>Western Alliance Bancorporation </li>
<li>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Fifth Third Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NYSE">FITB</a>)</li>
<li>M&amp;T Bank Corp.</li>
<li>Truist Financial Corporation</li>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</li>
<li>Goldman Sachs Inc.</li>
<li>Bank of New York Mellon Corp.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Goldman Sachs – Richard Ramsden</h4>
Goldman Sachs is particularly optimistic about Citigroup heading into Q3 earnings, citing the bank's progress toward its 2024 targets driven by strong fee growth, solid capital markets activity, and robust card volumes. 
Ramsden is above consensus on Citigroup's Q3 pre-provision net revenue (PPNR), largely due to expectations of higher fees and capital markets activity.
<ul>
<li>Top Pick:
<ul>
<li>Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
</ul>
</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41249837/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-paradise">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

COLB

PNFP

WTFC

Banks Gear Up For Earnings Season: 15 Top Stock Picks Including Citigroup, Morgan Stanley, And Truist

As U.S. banks prepare to report their third-quarter earnings, investor attention is focused on the potential for a soft landing in the economy, Federal Reserve rate cuts, and <a href="https://www.benzinga.com/topic/banks">their impact on bank valuations. </a>
Analysts at Bank of America remain cautiously optimistic about the outlook for bank stocks. They predict that a soft-landing scenario could trigger a rebound in customer activity, improve loan growth, and positively drive higher price-to-earnings (P/E) multiples for the sector. However, macro uncertainties, including Fed policy shifts and the upcoming U.S. elections, temper the enthusiasm.
Bank of America equity analyst Ebrahim H. Poonawala highlighted in a note Monday that rate cuts could be &#8220;structurally bullish&#8221; for bank earnings per share (EPS) outlooks and stock P/E multiples. A softer rate environment is expected to reinvigorate customer activity, particularly in investment banking, mortgage lending, and loan growth.
However, lower interest rates are expected to negatively impact &#8220;asset-sensitive banks&#8221; as loan yields will drop.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41212796/tesla-robotaxi-day-preview-move-over-autonomous-vehicles-analyst-says-this-positive">Tesla Robotaxi Day Preview: Move Over Autonomous Vehicles, Analyst Says This &#8216;Positive Catalyst&#8217; Could Be More Important</a>
<h3 class="wp-block-heading">Political Risks Loom Large Ahead of Elections</h3>
The upcoming U.S. election adds an additional layer of uncertainty for banks. 
&#8220;A&nbsp;Trump win is likely seen as positive for relief on the regulatory/M&amp;A fronts.&nbsp;Democratic sweep likely most negative outcome for the sector given potential for higher taxes, more of the same (or worse) on regulatory changes,&#8221; analysts wrote.
While current valuations appear cautiously optimistic about a soft landing, political outcomes could trigger volatile movements in the sector. A Trump win would likely lead to a &#8220;knee-jerk&#8221; positive reaction in bank stocks, while a Democratic win could weigh on sentiment.
<h3 class="wp-block-heading">Regional Banks Preferred Over Money Center Banks</h3>
For the third quarter of 2024, the investment bank favored regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), over large money center banks, citing &#8220;better defensibility of net interest income (NII).&#8221;
Regionals have greater flexibility with deposits, better hedging strategies, and more potential for capital relief as mark-to-market losses on bond books decline. 
Key picks include U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>), PNC Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), Fifth Third (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NASDAQ">FITB</a>), M&amp;T Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>), and Truist Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>).
First Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBP#NYSE">FBP</a>) is seen as the &#8220;best positioned to navigate current rate expectations,&#8221; while Texas Capital Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBI#NASDAQ">TCBI</a>) is the most impacted.
On Monday, Bank of America also downgraded Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) from &#8220;Neutral&#8221; to &#8220;Underperform,&#8221; reducing the price target from $55 to $52. Analyst Brandon Berman highlighted that the positive rate trade underpinning Comerica &#8220;has run its course,&#8221; and the stock now trades above the high end of its historical range, not reflecting the risk of downward earnings revisions.
Looking ahead, Friday, Oct. 11, will see key earnings reports from JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNY#NYSE">BNY</a>).
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/10/41214476/will-kamala-harriss-media-blitz-including-60-minutes-and-call-her-daddy-improve-her-2024-el">Will Kamala Harris&#8217;s Media Blitz, Including &#8217;60 Minutes&#8217; And &#8216;Call Her Daddy,&#8217; Improve Her 2024 Election Prospects?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

TCBI

US Banks Earnings Preview: Soft-Landing Hopes, Interest Rate Cuts, Key Catalysts For Stocks

M&T Bank Corporation 2024 Q3 - Results - Earnings Call Presentation

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Cautious Outlook: Mike Mayo Issues Sell Rating for M&T Bank Amidst Profitability and Growth Concerns

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