M&T Bank Corp
MTB: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $593.00 | Xqqlyf | Vpjhbbgxr |
M&T Bank Earnings: A Steady Start to 2024
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M&T Bank reported a decent start to 2024. First-quarter 2024 revenue was in line with the FactSet consensus, while adjusted EPS of $3.15 topped the FactSet consensus estimate of $3.01. With fewer rate cuts, M&T now expects net interest income to be above $6.8 billion for full-year 2024 (our estimate: $6.87 billion), which is an uptick from the previous expectation of $6.7 billion to $6.8 billion. The firm left its other guidance largely unchanged. Overall, we will maintain our narrow moat rating and $160 fair value estimate on the firm’s shares.