Financial stocks were higher Monday with the NYSE Financial Sector Index rising 0.7% and the S&P Financial 100 Index also climbing 0.7%.
In company news, shares of M&T Bank Corporation ( MTB ) advanced after the bank holding company reported Q1 financial results that beat analyst forecasts.
The bank earned $211.7 million, or $1.61 per share, during the three months ended March 31, down 17% from the same quarter last year. Excluding non-recurring items, MTB earned $1.66 per share, exceeding the analyst consensus by $0.03.
Net interest income was little changed over year-ago levels, rising $380,000 to $656.4 million. Total revenue from other sources during the quarter declined nearly 3% to $420.1 million.
"Revenue trends for the quarter were dampened by lower-than-normal levels of customer activity during the first two months of the period followed by a rebound in March," Chief Financial Officer Rene F. Jones said in prepared remarks today.
MTB shares were up nearly 2% at $120.53 apiece in mid-day trade, earlier climbing to a session high of $122.20 a share. The stock has a 52-week range of $95.68 to $123.04 a share, rising 22.4% over the past year.
In other sector news,
(+) C, (+4.3%) Earns $1.30 per share during Q1, beating the Capital IQ consensus by $0.15. Revenue climbs 0.6% year over year to $20.12 bln, topping the Street view by around $660 mln.
(+) AON, (+1.6%) Increases quarterly dividend by $0.075 - or 43% - to $0.25 per share.
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