Update (9:50 a.m.): Updated with Monday market open information.

NEW YORK (TheStreet) -- M&T Bank  (MTB - Get Report) reported its first-quarter earnings on Monday before the market opened and noted earnings per share in line with analysts' estimates.

The bank reported diluted earnings per share of $1.61, in line with estimate from analysts opinion data from Thomson Financial network. This is down from $1.98 in the same quarter one year earlier. Net income was $229 million, down from $274 million in the same period one year ago.

The stock was up 2.29% to $120.93 at 9:48 a.m. on Monday.

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Separately, TheStreet Ratings team rates M & T BANK CORP as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate M & T BANK CORP (MTB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations, notable return on equity, reasonable valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • The gross profit margin for M & T BANK CORP is currently very high, coming in at 90.69%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 18.75% is above that of the industry average.
  • Net operating cash flow has significantly increased by 1535.74% to $428.65 million when compared to the same quarter last year. In addition, M & T BANK CORP has also vastly surpassed the industry average cash flow growth rate of 385.82%.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Commercial Banks industry and the overall market on the basis of return on equity, M & T BANK CORP has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
  • Despite the weak revenue results, MTB has outperformed against the industry average of 12.1%. Since the same quarter one year prior, revenues slightly dropped by 1.5%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
  • You can view the full analysis from the report here: MTB Ratings Report

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.