# M&T Bank Corporation (MTB)

> Source: Nexqual · https://nexqual.com/MTB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, M&T Bank Corporation (MTB), nexqual.com/MTB" · informational, not investment advice.

**Price:** USD 222.83 (+1.51% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 219.51 · day 219.82–222.97 · 52w 179.32–255.95 · market cap $32.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.96B, net income $3.03B (30.4% margin) (SEC filings).
- Valuation: P/E 10.6x (avg 10.6x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold MTB (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 3 reduced, 0 unchanged.
- Analysts: Hold (mean 2.64 on a 1–5 scale) (22 analysts), mean target USD 248.33 (range 224–294).
- Total return with dividends: 1Y +26.6% vs S&P 500 +14.9%; 5Y +63.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-16, EPS estimate USD 4.99, revenue estimate $2.54B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.99B | $8.18B | $9.64B | $9.28B | $9.69B | $9.96B |
| Net income | $1.86B | $1.99B | $2.74B | $2.59B | $2.85B | $3.03B |
| EPS (diluted) | $13.80 | $11.53 | $15.79 | $14.64 | $17.00 | — |
| Free cash flow | $2.57B | $4.36B | $3.65B | — | — | — |
| Net margin | 31.0% | 24.4% | 28.4% | 27.9% | 29.4% | 30.4% |
| Revenue growth | +0.6% | +36.5% | +17.9% | -3.8% | +4.4% | — |
| Cash + short-term investments | $1.34B | $26.5B | $29.8B | $20.8B | $18.8B | — |
| Total debt | $3.53B | $7.52B | $13.5B | $13.7B | $13.1B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.6x · P/S 3.2x · P/B 1.1x · Earnings yield 9.43% · Dividend yield (paid, TTM) 2.82% · Buyback yield (TTM) 8.09%
P/E at fiscal year-ends: Dec 2025 11.2x, Dec 2024 12.2x, Dec 2023 8.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold MTB (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 1.14% | $13.9M | Reduced -19.1% | Q3 2026 |
| John Rogers | Ariel Investments | 0.41% | $41.6M | Reduced -1.7% | Q2 2026 |
| Christopher Davis | Davis Advisors | 0.06% | $13.8M | Reduced -3.7% | Q2 2026 |

## Analysts
Consensus Hold (mean 2.64 on a 1–5 scale), 22 analysts; mean target USD 248.33 (low 224, high 294).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Citigroup | Target raised | Neutral | $225 → $230 |
| 2026-10-20 | Truist Securities | Target lowered | Hold | $250 → $235 |
| 2026-10-19 | DA Davidson | Target lowered | Neutral | $262 → $258 |
| 2026-10-19 | Morgan Stanley | Target lowered | Overweight | $301 → $294 |
| 2026-10-19 | RBC Capital | Target lowered | Outperform | $255 → $245 |
| 2026-10-14 | Cantor Fitzgerald | Target lowered | Overweight | $285 → $255 |
| 2026-10-07 | Raymond James | Initiated | Outperform | $250 |
| 2026-10-05 | UBS | Target lowered | Neutral | $255 → $238 |
| 2026-10-02 | JP Morgan | Target lowered | Neutral | $265.5 → $248.5 |
| 2026-10-01 | Evercore ISI Group | Target lowered | In-Line | $260 → $230 |
| 2026-09-28 | Morgan Stanley | Target lowered | Overweight | $304 → $301 |
| 2026-09-23 | Truist Securities | Target lowered | Hold | $268 → $250 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +26.6% | +63.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.7% | +10.3% |
| Volatility (annualized) | 21.2% | 30.3% |
| Max drawdown | -17.0% (Feb 2026→Mar 2026) | -40.1% (Aug 2022→Oct 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · DB (Deutsche Bank AG) USD 31.48 -2.39% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/MTB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $4.99 | $4.96 | +0.6% | $2.54B | 15 |
| Next quarter (ends 2027-03-31) | $4.58 | $4.59 | -0.3% | $2.53B | 12 |
| Current fiscal year (ends 2026-12-31) | $19.46 | $19.31 | +0.8% | $10.06B | 16 |
| Next fiscal year (ends 2027-12-31) | $21.08 | $21.07 | +0.1% | $10.42B | 17 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 22.8% | ±5.3% |
| 2026-12-18 | 56 | 22.7% | ±7.3% |
| 2027-01-15 | 84 | 22.4% | ±8.7% |
| 2027-02-19 | 119 | 23.8% | ±10.9% |
| 2027-03-19 | 147 | 24.3% | ±12.3% |
| 2027-04-16 | 175 | 24.4% | ±13.4% |
| 2027-06-17 | 237 | 25.9% | ±16.5% |
| 2027-09-17 | 329 | 26.5% | ±19.6% |