M&T Bank Corporation (MTB)
NYSE:MTB
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M&T Bank
(NYSE:MTB)
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Rating:73Outperform
Price Target:
$237.00
▲(8.32% 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
Strong cash generation
M&T’s high cash conversion — operating cash flow of $3.38B and FCF at ~96% of net income — provides durable internal funding for dividends, buybacks, and strategic investments. Reliable cash flow supports capital return and balance sheet resilience through credit cycles.
Negative Factors
Revenue & margin volatility
Historic swings in revenue and margins signal sensitivity to rate moves, mortgage cycles and loan mix shifts. Persistent volatility complicates forecasting and capital planning, making earnings and dividend coverage less predictable across 2–6 month horizons despite strong recent results.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
M&T’s high cash conversion — operating cash flow of $3.38B and FCF at ~96% of net income — provides durable internal funding for dividends, buybacks, and strategic investments. Reliable cash flow supports capital return and balance sheet resilience through credit cycles.
Read all positive factors
M&T Bank (MTB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.21B
Dividend Yield2.76%
Average Volume (3M)981.24K
Price to Earnings (P/E)12.7
Beta (1Y)0.87
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. Volume926,899
30 Day Avg. Volume981,237
Financial Highlights & Ratios
PEG Ratio0.71
Price to Book (P/B)1.13
Price to Sales (P/S)2.67
P/FCF Ratio11.50
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue2.66
Enterprise Value/Gross Profit3.54
Enterprise Value/Ebitda8.38
Forecast
1Y Price Target
$230.27Price Target Upside5.25% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)18.64
Revenue Forecast (FY)$9.96B
M&T Bank Business Overview & Revenue Model
Company Description
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and pro...
How the Company Makes Money
M&T Bank primarily earns revenue from (1) net interest income and (2) noninterest income. Net interest income is generated from the spread between interest earned on loans and other interest-earning assets (including investment securities and inte...
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 | 3.93B | 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
Negative
218.79
Price Trends
210.17
Negative
213.80
Negative
201.67
Positive
Market Momentum
-2.37
Positive
40.81
Neutral
19.39
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTB, the sentiment is Negative. The current price of 218.79 is above the 20-day moving average (MA) of 212.73, above the 50-day MA of 210.17, and above the 200-day MA of 201.67, indicating a neutral trend. The MACD of -2.37 indicates Positive momentum. The RSI at 40.81 is Neutral, neither overbought nor oversold. The STOCH value of 19.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $30.21B | 12.71 | 10.25% | 2.76% | -0.49% | 19.72% | |
73 Outperform | $25.86B | 12.33 | 7.63% | 2.89% | -0.44% | 34.70% | |
72 Outperform | $31.56B | 13.98 | 8.82% | 3.50% | 9.10% | 0.60% | |
72 Outperform | $23.02B | 10.08 | 11.78% | 3.74% | 2.53% | 16.52% | |
69 Neutral | $22.84B | 10.41 | 9.74% | 3.90% | 20.39% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $43.45B | 58.08 | 8.86% | 3.14% | 7.12% | -5.41% |
* Financial Sector Average
MTB
M&T Bank
206.56
31.88
18.25%
FITB
Fifth Third Bancorp
47.60
11.31
31.17%
HBAN
Huntington Bancshares
15.46
0.71
4.80%
KEY
KeyCorp
20.92
5.99
40.16%
RF
Regions Financial
26.84
6.39
31.23%
CFG
Citizens Financial
61.33
22.93
59.72%
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...
Business Operations and StrategyFinancial Disclosures
M&T Bank Highlights 2026 Growth Priorities and Strategy
Positive
Feb 11, 2026
On February 11, 2026, MT Bank Corporation made available on its website an investor presentation for use in discussions with analysts and shareholders, outlining its first-quarter 2026 investor update and enterprise priorities. The materials highl...
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.