M&T Bank's first-quarter revenue beat analysts' estimates, while its earnings report missed the mark
The shares of M&T Bank Corporation (NYSE:MTB) are up 4.3% at $109.82, after the firm posted its first-quarter report. The financial name announced lower-than-estimated first-quarter earnings of $1.93 per share, but $1.51 billion in revenue, which exceeded analysts' expectations.
It's been a choppy ride for MTB since it's dramatic March selloff sent it careening towards a seven-year low of $87.64 on March 23. The stock is still down over 35% year-to-date, though it's on track to close north of its 30-day moving average -- a trendline MTB has been testing support atop in recent weeks.
Out of 15 analysts in coverage, 14 sport a tepid "hold" rating, with only one considering MTB a "strong buy." On the other hand, the 12-month consensus target price of $131.24 is an 18.6% premium to current levels.
Meanwhile, short interest is down 13.9% in the last reporting period to make up 2.18 million shares. Now, these pessimistic positions only account for 1.7% of the MTB's available float, or a little over two days at the stock's average pace of trading.