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M&T Bank (MTB) Q4 Earnings Lags on Higher Provisions
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Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based major bank’s earnings release this morning:
An Earnings Miss
M&T Bank came out with net operating earnings per share of $2.01 for fourth-quarter 2016, missing the Zacks Consensus Estimate by 2 cents. Earnings miss reflected higher provision for credit losses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted optimism prior to the earnings release. The Zacks Consensus Estimate increased slightly over the last 7 days.
Regarding earnings surprise history, before posting an earnings miss in Q4, the company delivered positive earnings surprises in two of the trailing four quarters.
M&T Bank posted net revenues of $1.34 billion, which outpaced the Zacks Consensus Estimate of $1.32 billion. Further, it compared favorably with the year-ago number of $1.26 billion.
Key Takeaways
Net operating income came in at $336 million, slightly down year over year.
Taxable-equivalent Net interest income increased 9% year over year to $883 million.
Non-interest expense of $769 million decreased 2% year over year.
Efficiency ratio deteriorated to 56.4% in quarter from 55.5% in the prior year quarter. Generally, a higher ratio indicates decreased efficiency.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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. Now, 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!
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M&T Bank (MTB) Q4 Earnings Lags on Higher Provisions
Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based major bank’s earnings release this morning:
An Earnings Miss
M&T Bank came out with net operating earnings per share of $2.01 for fourth-quarter 2016, missing the Zacks Consensus Estimate by 2 cents. Earnings miss reflected higher provision for credit losses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted optimism prior to the earnings release. The Zacks Consensus Estimate increased slightly over the last 7 days.
Regarding earnings surprise history, before posting an earnings miss in Q4, the company delivered positive earnings surprises in two of the trailing four quarters.
M&T Bank Corp. Price and EPS Surprise
M&T Bank Corp. Price and EPS Surprise | M&T Bank Corp. Quote
Revenue Came In Higher Than Expected
M&T Bank posted net revenues of $1.34 billion, which outpaced the Zacks Consensus Estimate of $1.32 billion. Further, it compared favorably with the year-ago number of $1.26 billion.
Key Takeaways
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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. Now, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this M&T Bank earnings report!
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Click here for Zacks' private trades >>