A Bad Quarter Offers a Good Opportunity to Get In on This Historically Strong Bank Stock
M&T Bank (NYSE: MTB) turned in disappointing second-quarter results last month as the bank continues to deal with loans affected by the pandemic as well as muted loan growth. Investors have been wary of the stock this year (the price is up only about 8.4%), while many bank indexes are up more than 20% year to date.
As a result, the struggles of M&T have brought the bank down to a historically low valuation that makes this a potentially good time for interested investors to buy in on the stock. Here's why.
The regional bank (it manages $150 billion in assets) generated diluted earnings per share (EPS) of $3.41 on total revenue of $1.47 billion in the second quarter. Both EPS and revenue missed analysts' expectations for the quarter.
Source Fool.com
