M&T Bank Q3 adjusted EPS beats estimates on loan growth
Overview
U.S. regional bank's Q3 adjusted EPS beat analyst expectations
Q3 net interest income missed analyst expectations
Company repurchased 1.3 mln shares for $323 mln in Q3
Outlook
Company expects continued strength across customer-driven revenue streams due to diversified business model
Result Drivers
LOAN GROWTH - Co said higher average commercial real estate, consumer and residential real estate loan balances drove loan growth in Q3
MORTGAGE BANKING REVENUES - Co said higher residential mortgage banking revenues contributed to noninterest income in Q3
TECHNOLOGY AND PERSONNEL COSTS - Co said higher technology infrastructure and personnel costs increased noninterest expense in Q3
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $5.08 | $4.96 (20 Analysts) |
Q3 EPS | $5.04 | ||
Q3 Net Income | $775 mln | ||
Q3 Net Interest Income | Miss | $1.79 bln | $1.82 bln (12 Analysts) |
Q3 CET1 Capital Ratio | 10.16% | ||
Q3 Net Interest Margin | 3.65% | ||
Q3 Provision for Credit Loss | $135 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for M&T Bank Corporation is $250.00, about 14.3% above its October 15 closing price of $218.65
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)