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