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M&T Bank Corp MTB

Morningstar Rating
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Stock XNYS Rating as of
$146.86 +1.18 (0.81%)
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As of Delayed Price Post-Trading: $146.85 −0.01
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Company Report

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M&T Bank Earnings: A Steady Start to 2024

Rajiv Bhatia

M&T Bank reported a decent start to 2024. First-quarter 2024 revenue was in line with the FactSet consensus, while adjusted EPS of $3.15 topped the FactSet consensus estimate of $3.01. With fewer rate cuts, M&T now expects net interest income to be above $6.8 billion for full-year 2024 (our estimate: $6.87 billion), which is an uptick from the previous expectation of $6.7 billion to $6.8 billion. The firm left its other guidance largely unchanged. Overall, we will maintain our narrow moat rating and $160 fair value estimate on the firm’s shares.

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Price vs Fair Value

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MTB is trading at a 9% discount.
Price
$145.68
Fair Value
$645.00
Uncertainty
High
1-Star Price
$276.00
5-Star Price
$46.00
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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Trading Information

Previous Close Price
$145.68
Day Range
$145.22–147.67
52-Week Range
$108.53–148.23
Bid/Ask
$140.00 / $147.78
Market Cap
$24.47 Bil
Volume/Avg
725,363 / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
8.59
Price/Sales
2.62
Dividend Yield (Trailing)
3.57%
Dividend Yield (Forward)
3.57%
Total Yield
6.02%

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
22,223
Website
https://www3.mtb.com

Competitors

Valuation

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Metric
MTB
PNC
TFC
Price/Earnings (Normalized)
 8.5910.8010.15
Price/Book Value
 0.961.180.97
Price/Sales
 2.622.902.17
Price/Cash Flow
 6.877.786.06
Price/Earnings
MTB
PNC
TFC

Financial Strength

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

Profitability

Metric
MTB
PNC
TFC
Return on Assets (Normalized)
 1.36%1.13%0.87%
Return on Equity (Normalized)
 11.66%14.50%8.78%
Return on Invested Capital (Normalized)
 ———
Return on Assets
MTB
PNC
TFC
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