Regional banker M&T Bank Corporation (
) on Monday said its first quarter profit surged 39% from last
year, easily beating analyst estimates.
The Buffalo-based company reported first quarter net income of
$190.1 million, or $1.59 per share, compared with $136.4 million,
or $1.15 per share, in the year-ago period.
On average, Wall Street analysts expected a much smaller profit
of $1.41 per share.
The company also posted solid declines in expected loan losses.
It's provision for credit losses fell to $75 million from $105
million, while net charge-offs, or loans that are expected to not
be repaid, fell to $74 million from $95 million.
M&T Bank shares were mostly flat in premarket trading
The Bottom Line
We have been recommending shares of M&T Bank (
) since Jan.3, 2011, when the stock was trading at $87.05. The
company has a 3.28% dividend yield, based on Friday's closing stock
price of $85.35.
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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