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M&T Bank (MTB) Q2 Earnings Improve Y/Y on Higher Revenues
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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:
Earnings Rise
M&T Bank came out with net operating earnings per share of $3.29 that compares favorably with $2.38 reported in the year-ago quarter. The Zacks Consensus Estimate was $3.17. Results benefitted from higher revenues and lower provisions, partially offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Regarding earnings surprise history, before Q2 earnings release, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 4% in the trailing four quarters.
M&T Bank posted net revenues of $1.47 billion, which outpaced the Zacks Consensus Estimate of $1.46 billion. Further, it compared favorably with the year-ago number of $1.41 billion.
Key Takeaways
Net operating income came in at $498 million, up around 30% year over year.
Taxable-equivalent Net interest income increased 7% year over year to $1.01 billion.
Non-interest expense of $777 million increased 3% year over year.
Efficiency ratio came in at 52.4% in quarter, compared with 52.7% 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 #2 (Buy) 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.
Check back later for our full write up on this M&T Bank earnings report!
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M&T Bank (MTB) Q2 Earnings Improve Y/Y on Higher Revenues
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:
Earnings Rise
M&T Bank came out with net operating earnings per share of $3.29 that compares favorably with $2.38 reported in the year-ago quarter. The Zacks Consensus Estimate was $3.17. Results benefitted from higher revenues and lower provisions, partially offset by higher expenses.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for M&T Bank depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last seven days.
Regarding earnings surprise history, before Q2 earnings release, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 4% 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 $1.47 billion, which outpaced the Zacks Consensus Estimate of $1.46 billion. Further, it compared favorably with the year-ago number of $1.41 billion.
Key Takeaways
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) 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.)
Check back later for our full write up on this M&T Bank earnings report!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>