Shares of financial holding company M&T Bank (NYSE:MTB) are rising today after the company delivered better-than-anticipated first-quarter numbers.
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Revenue rose 66.9% year-over-year to $2.42 billion outperforming estimates by $40 million. EPS at $4.09 too surpassed expectations by $0.15. During the quarter, MTB witnessed loan growth, steady credit quality, and a healthy liquidity position. The company’s Common Equity Tier 1 ratio stood at 10.15% on March 31, 2023, versus 10.44% a year ago.
Further, its provision for credit losses during the quarter came in at $120 million, reflecting the impact of the economic situation on loan categories and higher outstanding loan balances. Its efficiency ratio in Q1 stood at 55.5% as compared to 64.9% a year ago.
Overall, the Street has a $162.82 consensus price target on MTB, pointing to a 39.6% potential upside in the stock. That’s after a nearly 20% slide in MTB shares so far in 2023.
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