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M&T Bank (MTB) Misses on Q2 Earnings, Revenues Up Y/Y
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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.
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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M&T Bank (MTB) Misses on Q2 Earnings, Revenues Up Y/Y
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.
M&T BANK CORP Price and EPS Surprise
M&T BANK CORP Price and EPS Surprise | M&T BANK CORP Quote
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 >>