Have you been eager to see how M&T Bank Corporation (MTB) performed in Q4 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 Beat
M&T Bank came out with net operating earnings per share of $1.95 for fourth-quarter 2014, marginally beating the Zacks Consensus Estimate of $1.94.
Results were aided by top line growth and lower expenses.
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 1.94 over the last 7 days.
Also, M&T Bank has an impressive earnings surprise history. Before posting an earnings beat in Q4, the company delivered positive surprises in two of the prior three quarters as well. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.28% in the trailing four quarters.
Revenue Came In Lower Than Expected
M&T Bank posted revenues of $1.13 billion, which came slightly lower than the Zacks Consensus Estimate of $1.14 billion. However, it compared favorably with the year-ago number of $1.11 billion.
Key Takeaways
Mortgage banking revenues : $93.7 million, up 14% year over year.
Total Non-interest operating expense : $672.9 million, down 8% year over year.
Efficiency ratio : 59.06%, improving from 65.48% from the prior year quarter end.
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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