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M&T Bank
(NYSE:MTB)
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Rating:79Outperform
Price Target:
$290.00
▲(16.19% Upside)
Action:Reiterated
Date:08/05/26
MTB scores well primarily on strengthening operating performance and earnings-call momentum (record profitability, improving efficiency and credit, and constructive guidance), supported by a bullish technical trend and reasonable valuation (P/E 13.26 with a 2.44% dividend). The score is held back by rising balance-sheet leverage and capital pressure (CET1 drift lower and leverage higher), plus expected modest NIM compression and remaining office CRE risk.
Positive Factors
Cash generation & Earnings Quality
TTM free cash flow roughly equaling net income and operating cash flow near $3.8B indicates durable cash conversion and earnings quality. This supports dividends, strategic investments and capital actions, providing resilience through credit cycles and funding stress over the next several quarters.
Negative Factors
Capital pressure / CET1 decline
A QoQ CET1 drift to ~10.19% (driven by buybacks and rising RWAs) narrows regulatory and economic capital cushions. Operating in the lower part of a 10.0%–10.5% target range reduces flexibility for future buybacks or growth if credit stress emerges, increasing sensitivity to adverse scenarios over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & Earnings Quality
TTM free cash flow roughly equaling net income and operating cash flow near $3.8B indicates durable cash conversion and earnings quality. This supports dividends, strategic investments and capital actions, providing resilience through credit cycles and funding stress over the next several quarters.
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.
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The Fly
The FlyM&T Bank (MTB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$35.70B
Dividend Yield2.44%
Average Volume (3M)1.18M
Price to Earnings (P/E)13.3
Beta (1Y)0.87
Revenue Growth0.50%
EPS Growth22.74%
CountryUS
Employees22,080
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)18.57
Shares Outstanding144,933,000
10 Day Avg. Volume1,331,031
30 Day Avg. Volume1,175,991
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$260.47Price Target Upside4.35% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)19.26
Revenue Forecast (FY)$10.05B
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: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 | 40.31B | 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 | 4.60B | 2.86B | 3.39B | 3.65B | 4.36B | 2.57B |
| Operating Cash Flow | 4.82B | 3.00B | 3.61B | 3.90B | 4.57B | 2.71B |
| Investing Cash Flow | -16.85B | -6.82B | -550.00M | -7.87B | 16.59B | -13.63B |
| Financing Cash Flow | 5.50B | 1.80B | -2.88B | 4.18B | -20.98B | 10.70B |
M&T Bank Technical Analysis
Positive
249.60
Price Trends
236.27
Positive
222.98
Positive
212.47
Positive
Market Momentum
4.02
Positive
57.58
Neutral
67.92
Neutral
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 249.6 is above the 20-day moving average (MA) of 248.60, above the 50-day MA of 236.27, and above the 200-day MA of 212.47, indicating a bullish trend. The MACD of 4.02 indicates Positive momentum. The RSI at 57.58 is Neutral, neither overbought nor oversold. The STOCH value of 67.92 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $35.70B | 13.26 | 10.66% | 2.40% | 0.50% | 22.74% | |
78 Outperform | $26.41B | 12.48 | 11.79% | 3.43% | 0.18% | 14.72% | |
74 Outperform | $51.21B | 19.09 | 8.43% | 2.79% | 17.75% | -8.65% | |
74 Outperform | $34.43B | 12.53 | 8.58% | 3.57% | 18.13% | -3.57% | |
74 Outperform | $24.38B | 13.06 | 10.12% | 3.62% | 18.88% | ― | |
73 Outperform | $30.30B | 15.44 | 8.14% | 2.50% | 1.55% | 40.55% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
MTB
M&T Bank
250.14
71.70
40.18%
FITB
Fifth Third Bancorp
56.96
17.14
43.05%
HBAN
Huntington Bancshares
17.36
2.06
13.49%
KEY
KeyCorp
22.66
5.96
35.66%
RF
Regions Financial
31.39
7.70
32.50%
CFG
Citizens Financial
72.43
27.15
59.97%
M&T Bank Corporate Events
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.