Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q2 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 $2.07 for second-quarter 2016, missing the Zacks Consensus Estimate by a penny.
Earnings miss reflected increased expenses and higher provision for credit losses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at $2.08 over the last 7 days.
Regarding earnings surprise history, before posting an earnings miss in Q2, the company delivered positive earnings surprises in two of the trailing four quarters.
Revenue Came In Lower Than Expected
M&T Bank posted revenues of $1.31 billion, which missed the Zacks Consensus Estimate of $1.33 billion. However, it compared favorably with the year-ago number of $1.18 billion.
Key Takeaways
Net operating income came in at $350.6 million, up 21% year over year.
Net interest income increased 26% year over year to $863.8 million.
Non-interest expense of $749.9 million increased 8% year over year.
Efficiency ratio declined to 55.06% in quarter from 58.23% in the prior year quarter. Generally, a lower ratio indicates improved 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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Have you been eager to see how M&T Bank Corporation (MTB - Free Report) performed in Q2 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 $2.07 for second-quarter 2016, missing the Zacks Consensus Estimate by a penny.
Earnings miss reflected increased expenses and higher provision for credit losses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank was stable prior to the earnings release. The Zacks Consensus Estimate remained unchanged at $2.08 over the last 7 days.
Regarding earnings surprise history, before posting an earnings miss in Q2, the company delivered positive earnings surprises in two of the trailing four quarters.
Revenue Came In Lower Than Expected
M&T Bank posted revenues of $1.31 billion, which missed the Zacks Consensus Estimate of $1.33 billion. However, it compared favorably with the year-ago number of $1.18 billion.
Key Takeaways
Net operating income came in at $350.6 million, up 21% year over year.
Net interest income increased 26% year over year to $863.8 million.
Non-interest expense of $749.9 million increased 8% year over year.
Efficiency ratio declined to 55.06% in quarter from 58.23% in the prior year quarter. Generally, a lower ratio indicates improved 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!
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 >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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