M&T Bank Reports Higher Profits; Misses Estimates (MTB)
Financial services company, M&T Bank Corporation(MTB) reported increased profits for the Q4, missing analysts estimates.
The Buffalo, NY based company reported fourth quarter net income of $276.61 million, or $2.16 per share, up from $129.8 million, or $1.04 last year. Analysts expected to see EPS of $2.18.
Revenue was reported at $1.2 billion, up 10% from last year. Analysts expected revenue of $1.12 billion.
MTB’s CFO commented, “revenues were up in most major categories, led by exceptional growth in mortgage banking. We continued to extend credit throughout the communities we serve, and as a result, loans rose an impressive $6.5 billion or 11% from the end of 2011, all while improving our capital base and expanding the services we offer our customers. The fourth quarter was a continuation of those trends, positioning us well for continued success in 2013.”
M&T Bank shares were mostly flat during Wednesday morning trading. The stock has increased 25% in the past year.
The Bottom Line
Shares of M&T Bank (MTB) have a 2.71% dividend yield, based on last night’s closing stock price of $103.45. The stock has technical support in the $96-$98 price area. If the shares can firm up, we see overhead resistance around the $105-$108 price levels.
M&T Bank Corporation(MTB) is not recommended at this time, holding a Dividend.com DARS™ Rating of
3.4 out of 5 stars.
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