M&T Bank Corp

MTB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$151.00	Lfkfc	Kwggjcrwn

No Change to Our $182 Fair Value Estimate for M&T Bank as We Incorporate Updated Outlook

Eric Compton

Nov 28, 2022

Business Strategy and Outlook

M&T Bank is a midsize regional bank with operations throughout the Northeastern United States. The bank's main stronghold is its commercial real estate operations, with much of the rest of its business comprising other commercial-focused (as opposed to retail-focused) operations. M&T has a history of good management, good underwriting, and deep on-the-ground relationships.

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