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M&T Bank
(NYSE:MTB)
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Rating:72Outperform
Price Target:
$246.00
▲(2.33% Upside)
Action:Reiterated
Date:09/29/26
MTB scores well overall primarily due to strong TTM profitability and solid cash generation, reinforced by a positive earnings-call readthrough (record EPS, improving credit/efficiency, constructive guidance). The score is held back by balance-sheet leverage trending higher and weak technical conditions (below key moving averages and negative MACD), despite oversold signals that may limit near-term downside.
Positive Factors
Strong Profitability
M&T’s strong and improving profitability provides a durable earnings base for a regional bank. Healthy net and EBIT margins indicate effective spread and expense management, while the rebound from prior periods supports continued capital generation and investment capacity.
Negative Factors
Rising Balance-Sheet Leverage
The upward leverage trend reduces financial flexibility relative to earlier periods and leaves less balance-sheet capacity if credit costs or funding pressures increase. Although capitalization remains reasonable, higher debt and lower equity can constrain future growth and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
M&T’s strong and improving profitability provides a durable earnings base for a regional bank. Healthy net and EBIT margins indicate effective spread and expense management, while the rebound from prior periods supports continued capital generation and investment capacity.
Read all positive factors
M&T Bank Key Performance Indicators (KPIs)
Any
Net Interest Income by Segment
Shows interest income minus interest expense generated by each business line (commercial, consumer, wealth, etc.), revealing how loan growth, deposit costs, and rate moves affect M&T’s core profitability and where margin pressure is concentrated.
Shows interest income minus interest expense generated by each business line (commercial, consumer, wealth, etc.), revealing how loan growth, deposit costs, and rate moves affect M&T’s core profitability and where margin pressure is concentrated.
Data provided by:
The Fly
The FlyM&T Bank (MTB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.94B
Dividend Yield2.72%
Average Volume (3M)1.02M
Price to Earnings (P/E)11.6
Beta (1Y)0.87
Revenue Growth0.31%
EPS Growth22.76%
CountryUS
Employees21,662
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)18.96
Shares Outstanding144,416,260
10 Day Avg. Volume1,170,288
30 Day Avg. Volume1,016,265
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)1.08
Price to Sales (P/S)2.56
P/FCF Ratio11.03
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$263.26Price Target Upside9.51% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)19.34
Revenue Forecast (FY)$10.07B
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 (1) net interest income and (2) noninterest (fee-based) income, with operating earnings influenced by credit performance and expenses.
1) Net interest income (core banking spread)
- The largest driver for mo...
M&T Bank Earnings Call Summary
Earnings Call Date:Jul 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 16, 2026
Earnings Call Sentiment Positive
The call conveyed a decisively positive operational quarter: record EPS, strong and broad-based loan growth (commercial, CRE, consumer), higher NII and fee income, improved efficiency and credit metrics, and ample liquidity. Management provided constructive guidance for continued loan and fee growth while acknowledging modest near-term pressures: slight NIM compression expected, elevated investments driving higher full-year expenses, a small CET1 ratio decline from buybacks and loan-driven RWA, and some remaining CRE concentration risk (office). Overall, positives (record earnings, credit improvement, revenue diversification and liquidity) significantly outweigh the manageable challenges, and management appears constructive and disciplined.Positive Updates
Record Quarterly Earnings Per Share and Net Income Growth
Diluted GAAP EPS of $5.32, up from $4.13 in the prior quarter (+28.8%), the highest quarterly diluted EPS in M&T's history. Net income of $818 million vs. $664 million in the linked quarter (+23.2%).
Negative Updates
CET1 Ratio Decline and Capital Impact from Buybacks
Estimated CET1 ratio declined 14 bps to 10.19% QoQ. Decline driven by $465 million in share repurchases and higher risk-weighted assets from $3.3 billion of loan growth. Management expects to operate in the lower part of the 10%-10.5% CET1 range and indicated buybacks will be adjusted vs. lending-driven RWA growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Earnings Per Share and Net Income Growth
Diluted GAAP EPS of $5.32, up from $4.13 in the prior quarter (+28.8%), the highest quarterly diluted EPS in M&T's history. Net income of $818 million vs. $664 million in the linked quarter (+23.2%).
Read all positive updates
Company Guidance
M&T guided full‑year net interest income in the lower half of $7.2–$7.35 billion and a full‑year NIM in the high 3.60% range, with average loans of $141–$143 billion and average deposits of $165–$167 billion (cumulative interest‑bearing deposit beta targeted in the low‑to‑mid‑50% range). They expect fee income of $2.8–$2.85 billion, non‑interest expense at the high end of $5.5–$5.6 billion, and full‑year net charge‑offs of about 37 basis points, and plan to operate CET1 in the lower part of the 10.0%–10.5% range absent material market deterioration; management also reiterated continued H2 loan and deposit growth, neutrality on the short end of the curve, and that NII will depend on yield‑curve shape while the asset‑sensitive balance sheet and hedging tools provide flexibility.M&T Bank Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.43B | 12.31B | 13.40B | 12.51B | 8.44B | 6.08B |
| Gross Profit | 9.45B | 9.19B | 8.62B | 8.75B | 7.50B | 6.04B |
| EBITDA | 4.36B | 3.96B | 3.82B | 4.12B | 3.05B | 2.78B |
| Net Income | 3.03B | 2.85B | 2.59B | 2.74B | 1.99B | 1.86B |
Balance Sheet | ||||||
| Total Assets | 219.26B | 213.51B | 208.10B | 208.26B | 200.73B | 155.11B |
| Cash, Cash Equivalents and Short-Term Investments | 1.94B | 55.42B | 35.33B | 40.35B | 37.35B | 47.22B |
| Total Debt | 18.18B | 13.06B | 13.66B | 13.52B | 7.52B | 3.53B |
| Total Liabilities | 191.31B | 184.33B | 179.08B | 181.31B | 175.41B | 137.20B |
| Stockholders Equity | 27.95B | 29.18B | 29.03B | 26.96B | 25.32B | 17.90B |
Cash Flow | ||||||
| Free Cash Flow | 3.68B | 2.86B | 3.39B | 3.65B | 4.36B | 2.57B |
| Operating Cash Flow | 3.80B | 3.00B | 3.61B | 3.90B | 4.57B | 2.71B |
| Investing Cash Flow | -12.53B | -6.82B | -550.00M | -7.87B | 16.59B | -13.63B |
| Financing Cash Flow | 4.61B | 1.80B | -2.88B | 4.18B | -20.98B | 10.70B |
M&T Bank Technical Analysis
Negative
240.41
Price Trends
240.66
Negative
231.64
Negative
220.96
Positive
Market Momentum
-5.46
Positive
30.69
Neutral
8.06
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 240.41 is above the 20-day moving average (MA) of 231.68, below the 50-day MA of 240.66, and above the 200-day MA of 220.96, indicating a neutral trend. The MACD of -5.46 indicates Positive momentum. The RSI at 30.69 is Neutral, neither overbought nor oversold. The STOCH value of 8.06 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 | $27.60B | 13.97 | 8.14% | 2.84% | 1.24% | 40.55% | |
72 Outperform | $31.94B | 11.63 | 10.66% | 2.72% | 0.31% | 22.76% | |
71 Outperform | $23.53B | 10.99 | 11.79% | 4.02% | 0.26% | 14.72% | |
69 Neutral | $47.25B | 17.42 | 8.43% | 3.10% | 17.05% | -8.65% | |
68 Neutral | $31.60B | 11.25 | 8.58% | 4.05% | 18.13% | -3.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $21.99B | 11.79 | 10.12% | 4.02% | 18.47% | ― |
* Financial Sector Average
MTB
M&T Bank
220.44
27.66
14.35%
FITB
Fifth Third Bancorp
51.57
7.66
17.44%
HBAN
Huntington Bancshares
15.30
-1.41
-8.42%
KEY
KeyCorp
20.40
2.27
12.50%
RF
Regions Financial
27.26
1.79
7.03%
CFG
Citizens Financial
64.80
12.72
24.42%
M&T Bank Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
M&T Bank Updates Financial Reporting to Enhance Transparency
Positive
Sep 28, 2026
Effective in the third quarter of 2026, MT Bank Corporation will reorganize several Other income categories on its Consolidated Statement of Income, consolidating trust and brokerage into trust and investment services income, carving card revenues...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
M&T Bank Updates Medium-Term Note Issuance Program
Positive
Sep 22, 2026
On September 22, 2026, MT Bank Corporation refreshed its Medium-Term Note Program, enabling the periodic issuance of Senior Medium-Term Notes, Series C, and Subordinated Medium-Term Notes, Series D. The move formalizes the documentation for both s...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
M&T Bank Highlights Strong 2026 Earnings and Capital Position
Positive
Sep 14, 2026
On September 14, 2026, MT Bank Corporation posted a third-quarter 2026 investor presentation highlighting a strong first half of 2026, with diluted earnings per share of $9.44, up 25% year over year, and net income of $1.48 billion, up 14%. The ba...
Private Placements and FinancingRegulatory Filings and Compliance
M&T Bank Completes Series L Preferred Share Offering
Positive
Jul 21, 2026
On July 17, 2026, MT Bank Corporation filed a certificate of amendment in New York to establish its Perpetual 6.625% Non-Cumulative Preferred Stock, Series L, which ranks senior to common stock and on parity with existing preferred series for divi...
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.