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M&T Bank (MTB) Q3 Earnings Beat Estimates on Higher Revenues
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Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q3 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 $3.56 that surpassed the Zacks Consensus Estimate of $3.35. Also, the figure compares favorably with $2.24 reported in the year-ago quarter. Results benefitted from higher revenues, decline in expenses and lower provisions.
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 was revised slightly downward over the last seven days.
Regarding earnings surprise history, before posting Q3 earnings beat, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 3.8% in the trailing four quarters.
M&T Bank posted net revenues of $1.49 billion, which lagged the Zacks Consensus Estimate of $1.50 billion. However, it compared favorably with the year-ago number of $1.43 billion.
Key Takeaways
Net operating income came in at $531 million, up around 60% year over year.
Taxable-equivalent Net interest income increased 7% year over year to $1.04 billion.
Non-interest expense of $776 million declined 4% year over year.
Efficiency ratio came in at 51.4% in quarter, compared with 56% 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. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
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M&T Bank (MTB) Q3 Earnings Beat Estimates on Higher Revenues
Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q3 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 $3.56 that surpassed the Zacks Consensus Estimate of $3.35. Also, the figure compares favorably with $2.24 reported in the year-ago quarter. Results benefitted from higher revenues, decline in expenses and lower provisions.
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 was revised slightly downward over the last seven days.
Regarding earnings surprise history, before posting Q3 earnings beat, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 3.8% 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 Lower Than Expected
M&T Bank posted net revenues of $1.49 billion, which lagged the Zacks Consensus Estimate of $1.50 billion. However, it compared favorably with the year-ago number of $1.43 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. While things apparently look favorable, 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.)
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New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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