M&T Bank (NYSE:MTB) shares gained more than 7% yesterday after the company reported its Q1 earnings results, with EPS of $4.01 coming in better than the Street estimate of $3.95. Revenue was $2.41 billion, beating the Street estimate of $2.39 billion.
The beat was driven by a lower-than-expected provision for credit losses and stronger-than-expected non-interest income and net interest income, partially offset by larger-than-expected noninterest expense. Net interest income was $1.83 billion, compared to the year-ago quarter of $907 million.
Following the results, analysts at Oppenheimer revised their 2023 and 2024 EPS estimates to $17.07 and $18.00 from $17.31 and $18.82, respectively. Their lowered estimates were driven by scaling back the share repurchase program in 2023. The analysts reiterated their Outperform rating and $183 price target on the stock.