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 Miss
M&T Bank came out with net operating earnings per share of $2.26, lagging the Zacks Consensus Estimate of $2.74. Earnings miss reflected elevated 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 posting earnings miss in Q1, the company delivered positive earnings surprises in three of the trailing four quarters, with an average positive surprise of 4.84% in the trailing four quarters.
M&T Bank Corporation Price and EPS Surprise
Revenue Came In Higher Than Expected
M&T Bank posted net revenues of $1.44 billion, which outpaced the Zacks Consensus Estimate of $1.42 billion. Further, it compared favorably with the year-ago number of $1.37 billion.
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 unfavorable, it all depends on what sense the just-released report makes to the analysts.