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M&T Bank (MTB) Q1 Earnings Beat on Higher Revenues
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Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q1 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 Beat
M&T Bank came out with net operating earnings per share of $2.15, beating the Zacks Consensus Estimate of $1.94. Earnings beat reflected higher revenues, partially offset by elevated expenses.
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 1.0% over the last 7 days.
Regarding earnings surprise history, before posting an earnings beat in Q1, the company delivered positive earnings surprises in two of the trailing four quarters, with an average positive surprise of 0.87% in the trailing four quarters.
M&T Bank posted net revenues of $1.36 billion, which outpaced the Zacks Consensus Estimate of $1.34 billion. Further, it compared favorably with the year-ago number of $1.29 billion.
Key Takeaways
Net operating income came in at $354 million, up 11% year over year.
Taxable-equivalent Net interest income increased 5% year over year to $922 million.
Non-interest expense of $788 million increased 1.5% year over year.
Efficiency ratio improved to 56.9% in quarter from 57% in the prior year quarter. Generally, a lower ratio indicates increased 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!
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
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M&T Bank (MTB) Q1 Earnings Beat on Higher Revenues
Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q1 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 Beat
M&T Bank came out with net operating earnings per share of $2.15, beating the Zacks Consensus Estimate of $1.94. Earnings beat reflected higher revenues, partially offset by elevated expenses.
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 1.0% over the last 7 days.
Regarding earnings surprise history, before posting an earnings beat in Q1, the company delivered positive earnings surprises in two of the trailing four quarters, with an average positive surprise of 0.87% in the trailing four quarters.
M&T Bank Corporation Price and EPS Surprise
M&T Bank Corporation Price and EPS Surprise | M&T Bank Corporation Quote
Revenue Came In Higher Than Expected
M&T Bank posted net revenues of $1.36 billion, which outpaced the Zacks Consensus Estimate of $1.34 billion. Further, it compared favorably with the year-ago number of $1.29 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!
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>