Selected stock price target news of the day - April 16th, 2024

By: Matthew Otto

Financial Performance and Community Investments Highlight M&T Bank’s Q1 2024 Earnings

M&T Bank’s first quarter 2024 earnings call revealed a 2% decrease in taxable-equivalent net interest income to $1.7 billion. The net interest margin saw a 9 basis point decline to 3.52%, primarily attributed to factors such as lower non-accrual interest, liquidity adjustments, and deposit mix.

Average investment securities grew by $1.1 billion to $28.6 billion, while average interest-bearing deposits at the Federal Reserve increased by approximately $0.5 billion to $30.7 billion. Despite stable deposit balances, the bank witnessed a modest decline in average total deposits, which stood at $164.1 billion, while average loans and leases increased by 1% to $133.8 billion.

Moreover, M&T Bank reported noninterest income of $580 million, with an increase in the Bayview distribution to $25 million compared to $20 million in the previous year. Adjusted noninterest expenses stood at $1.4 billion, reflecting an increase of $8 million or 0.6% compared to the same period last year, excluding special assessments.

Additionally, the bank recorded net charge-offs of $138 million, representing 42 basis points, down from 44 basis points in the previous quarter. Despite economic uncertainties, M&T Bank’s CET1 ratio increased to an estimated 11.07% compared to 10.98% in the previous quarter.

Analyst Coverage: Ratings and Price Targets Remain Steady

RBC Capital analyst Gerard Cassidy reiterated an Outperform rating and the price target at $160.
Wells Fargo analyst Mike Mayo maintained an Equal-Weight rating but raised the price target from $145 to $150.
BofA Securities analyst Ebrahim Poonawala maintained a Buy rating and increased the price target from $157 to $160.

Which Analyst has the best track record to show on MTB?

Analyst Erika Najarian (UBS) currently has the highest performing score on MTB with 5/9 (55.56%) price target fulfillment ratio. His price targets carry an average of $17.21 (12.58%) potential upside. M&T Bank stock price reaches these price targets on average within 82 days.

Schwab’s Spring Business Update: A Financial Surge Amidst Integration Success

Schwab’s Spring Business Update for 2024 unveiled a financial performance marked by a revenue soaring to $4.7 billion. A 5% increase in net interest revenue and a $1.3 billion in asset management and admin fees. Adjusted pretax margin surged to approximately 41%, marking a nearly 500 basis point increase from the previous quarter.

Schwab reported adjusted EPS of $0.74, representing a $0.06 uptick compared to the prior quarter. Client engagement metrics painted a picture of heightened activity, with trading volumes up by 15% from the fourth quarter of 2023 and margin balances climbing by 9%.

With core net new assets approaching $100 billion for the quarter and new brokerage accounts surpassing the 1 million mark, Schwab demonstrated its ability to attract and retain clients amidst a dynamic market environment.

Analysts Offer Varied Outlooks as Price Targets Adjust

Piper Sandler analyst Patrick Moley maintained an Overweight rating and raised the price target from $78 to $85.
BofA Securities analyst Craig Siegenthaler reiterated an Underperform rating yet increased the price target from $68 to $70.
Barclays analyst Benjamin Budish reiterated an Equal-Weight rating and upgraded the price target from $74 to $75.
JP Morgan analyst Kenneth Worthington kept an Overweight rating and raised the price target from $86 to $89.

Which Analyst has the best track record to show on SCHW?

Analyst Benjamin Budish (BARCLAYS) currently has the highest performing score on SCHW with 14/17 (82.35%) price target fulfillment ratio. His price targets carry an average of $1.63 (2.25%) potential upside. Charles Schwab stock price reaches these price targets on average within 49 days.

Goldman Sachs’ First Quarter 2024 Earnings Report: Strong Performance and Record Revenues

Goldman Sachs delivered financial results in the first quarter of 2024, posting net revenues of $14.2 billion and net earnings totaling $4.1 billion. Earnings per share stood at $11.58, reflecting a return on equity of 14.8% and a return on tangible equity of 15.9%.

Within its Global Banking & Markets segment, the firm generated $9.7 billion in revenues, achieving a 18% return on equity. Notable highlights include $1 billion in advisory revenues, an uptick in equity underwriting revenues to $370 million, and a $4.3 billion in fixed income, currencies, and commodities net revenues.

Additionally, Goldman Sachs’ Asset & Wealth Management division reported an 18% year-over-year increase in revenues, reaching $3.8 billion. This segment saw total assets under supervision climb to a record $2.8 trillion, with $24 billion in long-term net inflows.

Analysts Raise Price Targets Amid Positive Outlook

JP Morgan analyst Kian Abouhossein maintained an Overweight rating and raised the price target from $424 to $433.
RBC Capital analyst Gerard Cassidy reiterated a Sector Perform rating and increased the price target from $390 to $405.
Oppenheimer analyst Chris Kotowski maintained an Outperform rating yet raised the price target from $446 to $479.
Argus Research analyst Stephen Biggar upgraded Goldman Sachs from Hold to Buy and set a $465 price target.
B of A Securities analyst Ebrahim Poonawala kept a Buy rating and upgraded the price target from $450 to $478.

Which Analyst has the best track record to show on GS?

Analyst Betsy Graseck (MORGAN STANLEY) currently has the highest performing score on GS with 10/15 (66.67%) price target fulfillment ratio. His price targets carry an average of $64.85 (16.88%) potential upside. Goldman Sachs stock price reaches these price targets on average within 73 days.