M&T Bank (New York Stock Exchange: MTB) Stocks 5.5% increase In Thursday’s trading, it was the biggest one-day jump since April after fourth-quarter net operating EPS topped Wall Street’s consensus of $4.44 at $4.57.
Jefferies analyst Ken Usdin said: Core pre-tax net income was ahead due to fee improvements and the Bank’s net interest income and expenses were in line with expectations. His core fees of $550 million, mostly from trust fees and transactions, exceeded $17 million, he said.
Wolfe Research analyst Bill Carcache said that excluding merger costs and $135 million in charitable contributions, core operating expenses were $1.23 billion, topping the consensus estimate of $1.28 billion and improving operating efficiency. It said the rate had improved to 51.8% versus consensus of 53.7%.
Evercore ISI analyst John Pankali said Evercore’s estimate was +0.9%, compared to the “good loan dynamics” from the third quarter, boosting the NII, with average loans up 1.5%. I did,” he said. “More importantly, his outlook for 2023, which was subsequently provided on the fourth quarter conference call, was favorable compared to modeled expectations.
M&T Bank (MTB) expects taxable equivalent NII in 2023 to increase by 23%-26% from $5.86 billion in 2022 and loan growth to increase by 8%-9% from an average of $119.3 billion in 2022. Chief Financial Officer Darren King said by phone. In addition, the company said that, excluding his $136 million gain from the sale of his M&T insurance agency in the fourth quarter of 2022, non-interest income growth in 2023 is expected to be higher than in 2022. We expect growth in the 5% to 7% range.
SA contributor Mike Zaccardi said MTB stocks appeared to bounce off support levels early in the month.