Zacks
0
All posts from Zacks
Zacks in Our Research. Your Success.,

M&T Bank (MTB) Beats on Q1 Earnings, Sees Top-Line Growth

Have you been eager to see how M&T Bank Corporation MTB performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this NY-based major bank’s earnings release this morning:

An Earnings Beat

M&T Bank came out with earnings per share of $1.87, beating the Zacks Consensus Estimate of $1.86.  Strong top line along with loan and deposit growth was primarily responsible for this earnings beat.

How Was the Estimate Revision Trend?

You should note that the earnings estimate for M&T Bank depicted pessimism prior to the earnings release. The Zacks Consensus Estimate moved down 1.06% over the last 7 days.

Also, M&T Bank does not a decent earnings surprise history. Before posting earnings beat in Q1, in the prior four quarters, the company delivered positive surprise in only one quarter while negative surprises in the remaining quarters. Overall, the company missed the Zacks Consensus Estimate by an average of 5.66% in the trailing four quarters.

Revenue Came In As Expected   
 
M&T Bank posted revenues of $1.30 billion, almost in line with the Zacks Consensus Estimate of $1.14 billion. It compared favorably with the year-ago number of $1.11 billion.

Key Stats to Note:

  • Trading account and foreign exchange gains: $7.5 million, up 20% year over year
  • Non-interest expense: $776.1 million, up 13% year over year
  • Results reflect a full-quarter impact of the acquisition of Hudson City Bancorp, Inc.

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for M&T Bank. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

Check back later for our full write up on this M&T Bank earnings report!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
M&T BANK CORP (MTB): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research