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M&T Bank Corp MTB

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Stock XNYS Rating as of
$174.90 +1.39 (0.80%)
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As of Delayed Price Closed
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Company Report

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M&T Bank Earnings: Net Interest Income Benefiting From Stable Deposit Costs, Credit Trends Healthy

Rajiv Bhatia

Narrow-moat-rated MTB reported a solid second quarter. EPS came in at $3.73, an improvement from $3.02 in the first quarter but down from $4.11 (ex. CIT gain on sale) last year. Credit was healthy in the quarter and net interest margin is benefiting from stable deposit costs and rising yields on investment securities held on the asset side of the bank's balance sheet. The firm made only minor tweaks to its 2024 outlook. Overall, there was little in its earnings release that would alter our long-term view of the firm, and we will maintain our fair value estimate of $160 per share.

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Price vs Fair Value

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MTB is trading at a 417% premium.
Price
$174.90
Fair Value
$221.00
Uncertainty
High
1-Star Price
$119.00
5-Star Price
$64.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The acquisition of People's United was done at a good price and should drive additional future growth, providing the bank a unique growth driver that many peers will not have.

Bears

Banks are tied to the economy and the interest-rate environment. If the economy falters and/or the rate environment is negative, bank earnings and shares will suffer.

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News

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Trading Information

Previous Close Price
$173.51
Day Range
$173.30–175.40
52-Week Range
$108.53–176.44
Bid/Ask
$158.39 / $181.50
Market Cap
$29.25 Bil
Volume/Avg
980,508 / 859,882

Key Statistics

Price/Earnings (Normalized)
10.89
Price/Sales
3.18
Dividend Yield (Trailing)
3.00%
Dividend Yield (Forward)
3.09%
Total Yield
3.00%

Company Profile

M&T Bank is one of the largest regional banks in the United States, with branches in New York, Pennsylvania, West Virginia, Virginia, Maryland, Delaware, and New Jersey. The bank was founded to serve manufacturing and trading businesses around the Erie Canal and is primarily focused on commercial real estate and commercial-related lending, with some retail operations also present.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Mid Value
Total Number of Employees
21,927
Website
https://www3.mtb.com

Competitors

Valuation

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Metric
MTB
TFC
PNC
Price/Earnings (Normalized)
 10.8912.6513.44
Price/Book Value
 1.141.041.37
Price/Sales
 3.184.093.55
Price/Cash Flow
 8.397.449.79
Price/Earnings
MTB
TFC
PNC

Financial Strength

Metric
MTB
TFC
PNC
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
MTB
TFC
PNC
Return on Assets (Normalized)
 1.25%0.96%1.05%
Return on Equity (Normalized)
 10.78%9.72%12.86%
Return on Invested Capital (Normalized)
 ———
Return on Assets
MTB
TFC
PNC
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