M&T Bank Analysts Boost Their Forecasts After Q1 Results
Portfolio Pulse from Avi Kapoor
M&T Bank Corporation (NYSE:MTB) reported Q1 earnings with revenue of $2.260 billion, slightly below consensus, and net income of $531 million, down from $702 million a year ago. EPS was in line with consensus at $3.09. Total assets were $211.5 billion, with loans and leases at $133.8 billion. The CET1 capital ratio stood at 11.07%. Shares rose 4.6% to $140.94. Analysts from B of A Securities, Wells Fargo, and RBC Capital adjusted their price targets post-earnings, with positive outlooks.
April 16, 2024 | 12:53 pm
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M&T Bank reported Q1 earnings with slight revenue miss but in-line EPS. Shares rose 4.6% after analysts adjusted price targets upwards.
The positive adjustment in price targets by analysts from B of A Securities, Wells Fargo, and RBC Capital, following in-line Q1 earnings, suggests a bullish outlook for MTB. The share price increase of 4.6% reflects market optimism. The slight miss in revenue is offset by strategic loan portfolio growth and prudent expense management, indicating a solid start to 2024.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100