NEW YORK (TheStreet) -- M&T Bank (MTB - Get Report) shares closed the regular trading session up 2.21% to $130.81 on Thursday following the release of the bank's second quarter results before the opening bell today.
The company reported second quarter net income of $286.7 million, or $2.01 per share on revenue of $1.18 billion.
Analysts on average were expecting the company to report earnings of $1.96 per share on revenue of $1.14 billion.
The company's vice chairman told investors today that the bank will be focusing on customer-facing technology and data warehousing going forward.
"As a regional bank, a lot of technology changes were being drowned out a bit. We just want to make enough foundational investment (so that it) allows us to get customer-facing technology out there at faster pace," said CFO Rene Jones.
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 revenue growth, increase in net income, expanding profit margins, growth in earnings per share and reasonable valuation levels. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: MTB Ratings Report