Barclays Maintains an 'Equalweight' on M&T Bank (MTB); 3Q11 EPS Review: Post Merger Indigestion But Cost Savings Will Bring Relief
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Price: $240.34 +0.88%
Rating Summary:
12 Buy, 20 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 20 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Equalweight' on M&T Bank (NYSE: MTB) price target of $95.00.
Barclays analyst says, "Reported results came in below both our expectations and consensus, even after excluding the $0.13 merger related charges. While the inclusion of WL for a full quarter impacted the income statement, noninterest expenses still came in higher than expectations while the retention of mortgages was a drag on fee income. Looking out, we expect WL to be additive to results and additional details on the timing of its remaining TARP repayment should begin to emerge."
"Following 3Q11 results, we are lowering our 2011 EPS estimate of $7.05 to $6.83. Our 4Q11 EPS estimate remains unchanged at $1.51. We are maintaining our 2012 EPS estimate at $7.25 with results expected to include a full year of WL and reflecting our belief that it can repay TARP without raising fresh equity."
For more ratings news on M&T Bank click here and for the rating history of M&T Bank click here.
Shares of M&T Bank closed at $72.79 yesterday.
Barclays analyst says, "Reported results came in below both our expectations and consensus, even after excluding the $0.13 merger related charges. While the inclusion of WL for a full quarter impacted the income statement, noninterest expenses still came in higher than expectations while the retention of mortgages was a drag on fee income. Looking out, we expect WL to be additive to results and additional details on the timing of its remaining TARP repayment should begin to emerge."
"Following 3Q11 results, we are lowering our 2011 EPS estimate of $7.05 to $6.83. Our 4Q11 EPS estimate remains unchanged at $1.51. We are maintaining our 2012 EPS estimate at $7.25 with results expected to include a full year of WL and reflecting our belief that it can repay TARP without raising fresh equity."
For more ratings news on M&T Bank click here and for the rating history of M&T Bank click here.
Shares of M&T Bank closed at $72.79 yesterday.
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