M&T Bank Q1 Profit Easily Beats Expectations (MTB)

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Regional banker M&T Bank Corporation ( MTB ) on Monday said its first quarter profit more than doubled from last year, helped by lower credit costs and widening interest rate margins.

The Buffalo, NY-based company reported first quarter net income of $151 million, or $1.15 per share, compared with $64.2 million, or 49 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.23 per share.

On average, Wall Street analysts expected a much smaller profit of 99 cents per share.

The company also said its loan charge-offs fell slightly from last year to $95 million, compared with $100 million.

M&T Bank shares rose 74 cents, or +0.9%, in premarket trading Monday.

The Bottom Line
We have been recommending shares of MTB since Sept.16, when the stock was trading at $62.34. The company has a 3.32% dividend yield, based on Friday's closing stock price of $84.25.

M&T Bank Corporation ( MTB ) is a "recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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