Uncertainty Surrounding M&T Bank Is Holding Back Share Price
Jul. 17, 2014, 8:04 AM
- M&T Bank (NYSE:MTB): Q2 EPS of $2.02 beats by $0.12.
Jul. 16, 2014, 5:30 PM
May 30, 2014, 8:56 AM
May 21, 2014, 11:15 AM
- M&T Bank (MTB +0.6%) and the Ravens announce a 10-year, $60M extension of their partnership, which includes the naming rights to M&T Bank Stadium and a number of community-based programs.
- The partnership began in 2003 as a 15-year deal, and has now been extended until 2027.
May 20, 2014, 5:03 PM
- M&T Bank Corporation (MTB) declares $0.70/share quarterly dividend, in line with previous.
- Forward yield 2.35%
- Payable June 30; for shareholders of record June 2; ex-div May 29.
May 14, 2014, 10:17 AM
- Among those started at Buy is M&T Bank (MTB -0.9%), with analyst Bill Carcache noting the usually strong performer has lagged over the past 16 months amid regulatory issues and the delay of the Hudson City Bancorp (HCBK -1%) acquisition. Carcache expects approval this year, along with meaningful operating efficiency improvements. "We believe MTB shares are trading at a significant discount to their intrinsic value and expect to see meaningful share price appreciation through 2015."
- Also a Buy is Wells Fargo (WFC -0.8%), with Carcache seeing the bank as well-positioned if the economic recovery remains muted thanks to a combination of fee income and expense control.
- Started at Reduce with $40 price target is Comerica (CMA -1.7%), with Carcache saying the stock price has gotten ahead of itself.
- See also: More on Nomura's wide-ranging new bank coverage
May 12, 2014, 9:53 AM| May 12, 2014, 9:53 AM
Apr. 24, 2014, 7:15 AM
Apr. 14, 2014, 8:37 AM
- CFO Rene Jones: "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."
- Net operating income of $235M or $1.66 per share compares to $285M or $2.06 per share a year ago. Provision for credit losses of $32M falls from $38M. ROTCE of 12.76% falls from 18.71%. Bad loans of $891M or 1.39% of total loans falls from $1.05B or 1.6% of total loans a year ago.
- Noninterest income of $420M slips from $433M a year ago, with mortgage banking revenue off $13M. Noninterest expense of $702M is up from $636M a year ago; excluding non-recurring items, expenses of $692M rose from $618M.
- Tangible BVPS of $53.92 up 17% Y/Y. Tier 1 Common ratio of 9.45% up from 7.93% a year earlier.
- CC at 10 ET
- MTB no trades premarket
Apr. 14, 2014, 8:02 AM
- M&T Bank (MTB): Q1 EPS of $1.66 beats by $0.03.
Apr. 14, 2014, 12:05 AM
Apr. 13, 2014, 5:30 PM
Mar. 20, 2014, 5:07 PM
- Again, all 30 lenders subject to the Fed stress test passed with the exception of Zions Bancorp. Checking the individual results:
- Regional banks passing: BB&T Corp. (BBT), Comerica (CMA), Fifth Third (FITB), Huntington (HBAN), KeyCorp (KEY), M&T (MTB), PNC, Regions (RF), SunTrust (STI), U.S. Bancorp (USB).
- Credit card lenders: American Express (AXP), Discover (see here), Capital One (COF).
- Those controlled by overseas holding companies: BBVA Compass, BMO FInancial, HSBC North America, RBS Citizens Financial, Santander Holdings USA (SAN), UnionBanCal (MTU).
- Trust banks: Bank of New York (BK), State Street (STT), Northern Trust (NTRS).
- TBTFs: See here.
- More on Zions (ZION): The failure likely has something to do with CDOs on its books backed by trust-preferred securities. The bank signaled earlier this year it would likely resubmit its capital plan to the Fed as the test's calculation of its capital ratio wouldn't reflect Zion's planned sale of these.
Mar. 20, 2014, 10:35 AM
- The results of the Fed stress tests on the usual banking industry suspects are expected today, but this year's version includes 12 new companies added to last year's list of 18. Newly subjected U.S.-based lenders: DFS, NTRS, HBAN, MTB, ZION. Foreign-owned U.S. bank holding companies: BBVA Compass Bancshares, BMO Financial, HSBC N.A. Holdings, RBS Citizens Financial Group, Santander Holdings USA (SAN), UnionBanCal (MTU).
- The CCAR results - at which the Fed will give a thumbs up/thumbs down on banks' capital return plans - are due on March 26.
Mar. 17, 2014, 10:57 AM
- "We maintain our contention that as the tailwind of credit improvement subsides, banks must renew their focus on core profitability to compensate for the persistent low interest rate environment, increased regulations and modest loan growth," writes RBC Capital, trying to say the easy money's been made for banks and now those with the strongest managements will be the ones to prosper going forward.
- No surprise, an RBC survey finds Wells Fargo (WFC +1%) and U.S. Bancorp (USB +0.8%) as the best-managed banks (defining this by ROA and ROTCE), with Capital One (COF +1.4%) ranking high as well. The team comes up with a list of seven "up and comers" perhaps poised to join the ranks of "best managed":
- BB&T (BBT +0.5%), Huntington Bancshares (HBAN +0.9%), Fifth Third (FITB +0.7%), JPMorgan (JPM +0.9%), M&T Bank (MTB), PNC Financial (PNC +1%), and SunTrust (STI +0.7%).
Mar. 6, 2014, 1:16 PM
- His stock struggling (relatively) as his bank tries to complete its merger with Hudson City Bancorp, M&T Bank (MTB +1.2%) CEO Robert Wilmer was awarded $3.05M in 2013, 23% less than the previous year. M&T did gain 18% in 2013, but it was the worst performer in the 24-company KBW Bank Index (KRE) which advanced 35%.
- His salary of $950K was a 49% cut from 2012, and the amount of stock Wilmer received fell 12%. His cash bonus of $425K was higher than the previous year.
M&T Bank Corp. operates as a bank holding company. The company, through its wholly owned subsidiaries, M&T Bank and Wilmington Trust NA, offers a wide range of retail and commercial banking, trust, wealth management and investment services to their customers. It offers a broad range of financial... More
Industry: Regional - Northeast Banks
Country: United States