For more earnings forecasts, see Peter Cohan's Earnings expectations for 10 banks tell a mixed story.
Thomson Financial expects M&T Bank Corp. (NYSE: MTB) to earn $1.63 when it announces its fourth-quarter earnings on January 14th. That's down 13% from the same period in 2006 when it earned $1.88.
M&T Bank is a Buffalo, NY-based bank operating in five segments: Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. In the last year, its revenues were $3.5 billion and its net income totaled $803 million. Its stock has lost 39% of its value in the last year and it trades at a P/E of 10.4.
It has a mixed track record when it comes to actual versus expected earnings. In the second quarter of 2007, it beat by 4.8% but in the third quarter it missed by 5.2%. My hunch is that it will miss again.Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in M&T Bank securities.
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