Mon, Nov. 2, 8:10 AM
- Three-plus years in the making, M&T Bank (NYSE:MTB) completes its acquisition of Hudson City Bancorp (NASDAQ:HCBK), with Hudson City merged into a subsidiary of M&T and Hudson City Savings Bank merger into M&T Bank.
- The deal adds about $19B in loans and 135 branches located in New Jersey, downstate NY, and Fairfield County, CT. M&T now operates more than 800 retail and commercial branches in eight states and D.C.
- The Hudson City branches will continue to operate under the Hudson City name until they are converted into M&T's network, which is expected to happen in Q1.
- Source: Press Release
Tue, Oct. 20, 6:01 PM
Mon, Oct. 19, 7:52 AM
- Q3 net operating income of $283M or $1.95 per share vs. $290M and $2.01 a year ago.
- Net interest income of $699M up 4% Y/Y, with net interest margin of 3.14% slipping nine basis points.
- Noninterest income of $440M vs. $451M a year ago, with lower mortgage banking revenues the main culprit.
- Noninterest expense of $654M vs. $665M a year ago. The efficiency ratio improves to 57.1% from 58.4%.
- Tangible book value per share of $61.22 up 7% Y/Y. Friday's close was $118.06.
- Conference call at 9:30 ET
- Previously: M&T Bank misses by $0.06, misses on revenue (Oct. 19)
- MTB flat premarket
Mon, Oct. 19, 6:54 AM
Sun, Oct. 18, 5:30 PM
Fri, Oct. 9, 3:00 PM
- The deal was approved last week by the Federal Reserve, and today the New York State Department of Financial Services gives its thumbs up.
- After a multi-year wait, M&T Bank (MTB -0.8%) and Hudson City Bancorp (HCBK -0.8%) expect to close their merger on or about November 1.
- Source: Press Release
- Previously: Next targets mulled as bank M&A heats up (Oct. 2)
Wed, Sep. 30, 2:16 PM
- The Federal Reserve has signed off on M&T Bank's (MTB +0.8%) acquisition of Hudson City Bancorp (NASDAQ:HCBK). The latter's shares have jumped on the news.
- The deal had been stalled for over 3 years as regulators probed Hudson City's money laundering controls. The Fed previously told MTB and HCBK it would make a decision by the end of September.
Fri, Sep. 25, 8:04 AM
- Neither admitting nor denying wrongdoing, Hudson City Bancorp (NASDAQ:HCBK) will pay $33M to make DOJ and CFPB investigations over redlining go away - $27M of that will go for loan subsidy and outreach programs, and the rest is a penalty.
- The $33M is the largest-ever residential mortgage redlining settlement for the DOJ, and its the first redlining action taken by the CFPB.
- More importantly, the settlement comes just days ahead of what's expected to be the final thumbs up or thumbs down from regulators on Hudson City's long-awaited sale to M&T Bank (NYSE:MTB). The deal has been on hold for more than three years. Most expect this settlement signals a "tying up of loose ends" ahead of a green light for the merger.
Tue, Sep. 1, 2:47 PM
- The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
- The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
- Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
- Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
- Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
- Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
Wed, Jul. 22, 11:01 AM
Thu, Jul. 16, 8:14 AM
Wed, Jul. 15, 5:30 PM
Tue, Jun. 23, 7:23 AM
- Wells Fargo throws in the towel on its Underperform rating for First Horizon (NYSE:FHN), citing reduced risk from litigation and better-than-expected discipline on expenses. The new rating is Market Perform and the price target range is boosted to $15-$16 from $11-$12.
- The stock is up 16% YTD, outpacing the regional bank index by about 600 basis points. It's higher by 32% Y/Y, more than 2K basis points better than the regional gauge.
- M&T Bank (NYSE:MTB) is also upgraded to Market Perform. That stock has underperformed, up just 1% YTD versus the regional index's 10% gain.
Tue, Jun. 9, 2:45 PM
- Yield-starved financial sector names were mercilessly punished to start 2015 as sharply falling interest rates in January again disappointed investors waiting for the return of some spread income.
- The rout in bond prices since, alongside what now seems the near-certainty of the beginning of Fed rate hikes in as soon as three months has helped turn things around, and the sector - as measured by the Financial Select SPDR (NYSEARCA:XLF) - is now in the green for the year, and trails the S&P 500 by just about 150 basis points.
- Among the notable movers today as the 10-year yield rises to another 2015 high: Bank of America (BAC +1.4%), Wells Fargo (WFC +1.2%), U.S. Bancorp (USB +1.4%), Regions Financial (RF +1.3%), Huntington Bancshares (HBAN +1.6%), KeyCorp (KEY +1.6%), PNC Financial (PNC +1.3%), M&T (MTB +1.1%), Bank of Hawaii (BOH +1.6%), First Horizon (FHN +1.2%), Lincoln National (LNC +1.1%), E*Trade (ETFC +0.9%)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
Thu, May 21, 9:30 AM
- Alongside Goldman's list of 50 stocks appearing most as top holdings at hedge funds is its list of the 50 top shorts.
- New additions this quarter: Baxter Intl (NYSE:BAX), UPS, Marriott (NASDAQ:MAR), NextEra (NYSE:NEE), Ford (NYSE:F), National Oilwell Varco (NYSE:NOV), McDonald's (NYSE:MCD), M&T Bank (NYSE:MTB), CenturyLink (NYSE:CTL), Amgen (NASDAQ:AMGN), Pioneer Natural (NYSE:PXD), Duke Energy (NYSE:DUK), Seagate (NASDAQ:STX), AbbVie (NYSE:ABBV), Cisco (NASDAQ:CSCO).
- The full list (in order of $ value of short interest): AT&T (NYSE:T), Disney (NYSE:DIS), IBM, Verizon (NYSE:VZ), Intel (NASDAQ:INTC), Kinder Morgan (NYSE:KMI), Exxon (NYSE:XOM), Pfizer (NYSE:PFE), J&J (NYSE:JNJ), Deere (NYSE:DE), Caterpillar (NYSE:CAT), Exelon (NYSE:EXC), GE, Boeing (NYSE:BA), Halliburton (NYSE:HAL), Fox (NASDAQ:FOXA), Comcast (NASDAQ:CMCSA), UTX, Regeneron (NASDAQ:REGN), Merck (NYSE:MRK), salesforce.com (NYSE:CRM), AbbVie (ABBV), Conoco (NYSE:COP), Wal-Mart (NYSE:WMT), Eli Lilly (NYSE:LLY), Celgene (NASDAQ:CELG), Schlumberger (NYSE:SLB), AutoZone (NYSE:AZO), Wells Fargo (NYSE:WFC), Emerson (NYSE:EMR), McDonald's (MCD), Reynolds (NYSE:RAI), Target (NYSE:TGT), Accenture (NYSE:ACN), Coca-Cola (NYSE:KO).
Tue, May 19, 4:43 PM
M&T Bank Corp is a New York business corporation and a bank holding company. The Company through subsidiaries provides individuals, corporations and other businesses, and institutions with commercial and retail banking services.
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