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M&T Bank
(NYSE:MTB)
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Rating:73Outperform
Price Target:
$265.00
â–²(21.12% Upside)
Action:Reiterated
Date:05/09/26
Overall score reflects strong underlying profitability/cash conversion and a reasonable P/E with a solid dividend yield. These positives are tempered by mixed technical momentum and earnings-call risks around quarterly earnings pressure, higher expenses, and capital ratio compression following significant buybacks.
Positive Factors
Cash generation
Very strong TTM free cash flow (≈$3.25B) and near-parity conversion to net income signal durable internal funding. Reliable cash conversion supports ongoing lending, dividend sustainability and buybacks while providing buffer for loan losses or opportunistic investments over the next several quarters.
Negative Factors
Capital ratio compression
Buybacks materially reduced CET1 (~10.33%), compressing the capital buffer. Lower CET1 narrows the bank's cushion against credit or market stress, limits regulatory flexibility for growth or distributions, and raises risk of more constrained lending if credit conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Very strong TTM free cash flow (≈$3.25B) and near-parity conversion to net income signal durable internal funding. Reliable cash conversion supports ongoing lending, dividend sustainability and buybacks while providing buffer for loan losses or opportunistic investments over the next several quarters.
Read all positive factors
M&T Bank Key Performance Indicators (KPIs)
Any
Net Interest Income by Segment
Data provided by:
The Fly
The FlyM&T Bank (MTB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.86B
Dividend Yield2.76%
Average Volume (3M)1.04M
Price to Earnings (P/E)13.4
Beta (1Y)0.83
Revenue Growth-0.49%
EPS Growth19.72%
CountryUS
Employees22,291
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)17.84
Shares Outstanding146,445,050
10 Day Avg. Volume1,334,720
30 Day Avg. Volume1,042,258
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)1.13
Price to Sales (P/S)2.67
P/FCF Ratio11.50
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue2.89
Enterprise Value/Gross Profit3.84
Enterprise Value/Ebitda8.62
Forecast
1Y Price Target
$231.10Price Target Upside5.63% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)18.7
Revenue Forecast (FY)$9.97B
M&T Bank Business Overview & Revenue Model
Company Description
M&T Bank Corporation functions as a bank holding entity, delivering a broad spectrum of financial solutions to both commercial enterprises and individual consumers. Its Business Banking division caters to small businesses and professionals, provid...
How the Company Makes Money
M&T Bank primarily makes money through a mix of net interest income and noninterest income. Net interest income is earned by collecting interest on loans and other interest-earning assets (e.g., commercial loans, commercial real estate loans, resi...
M&T Bank Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: meaningful positives include fee income momentum (13% YoY), strong commercial loan growth, notable improvement in asset quality (more than $700M reduction in criticized loans and net charge-offs falling to 31 bps), robust liquidity and a $1.25B share buyback. Offsetting these strengths are quarter-over-quarter declines in GAAP and operating EPS and net income, a modest decline in taxable-equivalent NII (‑2%), weaker mortgage banking revenues, a 3% drop in CRE balances (seasonally soft early in the quarter), and higher noninterest expenses that widened the efficiency ratio to 58.3%. Management reiterated unchanged full-year guidance and emphasized disciplined capital and underwriting. Overall, the positives and negatives are relatively balanced, with cautious optimism about sustaining performance while remaining selective on growth.Positive Updates
Net Interest Margin Expansion
NIM expanded 2 basis points quarter-over-quarter to 3.71%, driven by fixed-rate asset repricing, remixing cash into securities, deposit pricing discipline, and favorable swap portfolio impacts.
Negative Updates
Quarterly Earnings and EPS Decline
Diluted GAAP EPS declined to $4.13 from $4.67 in the prior quarter; net income was $664 million versus $759 million in the linked quarter (down roughly 12.5%). Net operating income and EPS also declined (NOI $671 million vs $767 million; diluted net operating EPS $4.18 vs $4.72).
Read all updates
Q1-2026 Updates
Positive
Negative
Net Interest Margin Expansion
NIM expanded 2 basis points quarter-over-quarter to 3.71%, driven by fixed-rate asset repricing, remixing cash into securities, deposit pricing discipline, and favorable swap portfolio impacts.
Read all positive updates
Company Guidance
M&T reiterated full‑year guidance calling for taxable‑equivalent net interest income of about $7.2 billion–$7.35 billion (implying a NIM in the high 3.60s), a taxable‑equivalent tax rate of ~24%, and expects fee income and noninterest expense to trend toward the top of their previously disclosed ranges while managing PPNR within January guidance; management said it is moving to the bottom end of its CET1 range (~10%) after Q1’s $1.25 billion buyback (over 3.5% of shares outstanding) but can accrete roughly 25 bps of CET1 in a quarter without repurchases, plans to add mortgage subservicing in H2 with an annual run‑rate of $30–$40 million at ~50% margin, and noted a 56% interest‑bearing deposit beta since the start of the rate‑cutting cycle.M&T Bank Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.36B | 12.31B | 13.40B | 12.51B | 8.44B | 6.08B |
| Gross Profit | 9.31B | 9.19B | 8.62B | 8.75B | 7.50B | 6.04B |
| EBITDA | 4.15B | 3.96B | 3.82B | 4.12B | 3.05B | 2.78B |
| Net Income | 2.93B | 2.85B | 2.59B | 2.74B | 1.99B | 1.86B |
Balance Sheet | ||||||
| Total Assets | 214.74B | 213.51B | 208.10B | 208.26B | 200.73B | 155.11B |
| Cash, Cash Equivalents and Short-Term Investments | 55.06B | 55.42B | 35.33B | 40.35B | 37.35B | 47.22B |
| Total Debt | 19.03B | 13.06B | 13.66B | 13.52B | 7.52B | 3.53B |
| Total Liabilities | 186.76B | 184.33B | 179.08B | 181.31B | 175.41B | 137.20B |
| Stockholders Equity | 27.97B | 29.18B | 29.03B | 26.96B | 25.32B | 17.90B |
Cash Flow | ||||||
| Free Cash Flow | 3.25B | 2.86B | 3.39B | 3.65B | 4.36B | 2.57B |
| Operating Cash Flow | 3.38B | 3.00B | 3.61B | 3.90B | 4.57B | 2.71B |
| Investing Cash Flow | -9.55B | -6.82B | -550.00M | -7.87B | 16.59B | -13.63B |
| Financing Cash Flow | 994.00M | 1.80B | -2.88B | 4.18B | -20.98B | 10.70B |
M&T Bank Technical Analysis
Positive
218.79
Price Trends
217.40
Positive
215.66
Positive
204.57
Positive
Market Momentum
5.46
Negative
70.25
Negative
92.91
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTB, the sentiment is Positive. The current price of 218.79 is below the 20-day moving average (MA) of 225.25, above the 50-day MA of 217.40, and above the 200-day MA of 204.57, indicating a bullish trend. The MACD of 5.46 indicates Negative momentum. The RSI at 70.25 is Negative, neither overbought nor oversold. The STOCH value of 92.91 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MTB.
M&T Bank Risk Analysis
M&T Bank disclosed 32 risk factors in its most recent earnings report. M&T Bank reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
M&T Bank Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $24.88B | 14.09 | 9.74% | 3.90% | 20.39% | ― | |
74 Outperform | $35.94B | 13.39 | 8.82% | 3.50% | 9.10% | 0.60% | |
73 Outperform | $34.86B | 13.39 | 10.25% | 2.76% | -0.49% | 19.72% | |
73 Outperform | $29.63B | 16.46 | 7.63% | 2.89% | -0.44% | 34.70% | |
72 Outperform | $51.09B | 18.89 | 8.86% | 3.14% | 7.12% | -5.41% | |
72 Outperform | $25.77B | 12.48 | 11.78% | 3.74% | 2.53% | 16.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
MTB
M&T Bank
238.01
46.21
24.09%
FITB
Fifth Third Bancorp
56.37
15.32
37.33%
HBAN
Huntington Bancshares
17.73
1.17
7.07%
KEY
KeyCorp
23.05
5.91
34.45%
RF
Regions Financial
30.20
6.96
29.95%
CFG
Citizens Financial
70.07
25.41
56.91%
M&T Bank Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
M&T Bank Highlights 2025 Results and 2026 Priorities
Positive
May 1, 2026
On May 1, 2026, MT Bank Corporation posted a second-quarter 2026 investor presentation outlining its strategic priorities and highlighting its strong financial performance in 2025, which it sees as the foundation for 2026. The bank reported record...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
M&T Bank Shareholders Approve All Proposals at 2026 Meeting
Positive
Apr 23, 2026
MT Bank Corporation held its 2026 Annual Meeting of Shareholders on April 21, 2026, where investors approved all management-backed proposals, including the election of twelve directors to one-year terms and the 2025 compensation of the companyR...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
M&T Bank Completes $500 Million Subordinated Notes Offering
Positive
Apr 20, 2026
On April 20, 2026, MT Bank Corporation completed a public offering of $500 million in 5.295% Fixed Rate Reset Subordinated Notes, Series B, maturing on April 18, 2036. The notes were issued under an effective shelf registration statement with the ...
Financial Disclosures
M&T Bank Posts Solid First-Quarter 2026 Earnings Performance
Positive
Apr 15, 2026
On April 15, 2026, MT Bank Corporation reported first-quarter 2026 net income of $664 million, with diluted earnings per common share of $4.13, up from $3.32 a year earlier but down from $4.67 in the fourth quarter of 2025. The bank’s result...
Business Operations and StrategyStock Buyback
M&T Bank Announces Expanded $5 Billion Share Repurchase
Positive
Mar 30, 2026
On March 30, 2026, MT Bank Corporation announced that its board authorized a new share repurchase program of up to $5.0 billion of its common stock, to be executed on the open market or through privately negotiated transactions at the company̵...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.