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M&T Bank

LSE:0JW2
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0JW2
LSE
$23B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The last earnings update was 8 days ago. More info.


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0JW2 Share Price and Events
7 Day Returns
0%
LSE:0JW2
0.9%
GB Banks
0.5%
GB Market
1 Year Returns
-10.4%
LSE:0JW2
-9.3%
GB Banks
0.8%
GB Market
0JW2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
M&T Bank (0JW2) 0% -4.8% 5.5% -10.4% - -
GB Banks 0.9% 7.9% 5.9% -9.3% 18.7% -10.6%
GB Market 0.5% 3.6% 7.6% 0.8% 15.9% 6.2%
1 Year Return vs Industry and Market
  • 0JW2 underperformed the Banks industry which returned -9.3% over the past year.
  • 0JW2 underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 0.8% over the past year.
Price Volatility
0JW2
Industry
5yr Volatility vs Market

Value

 Is M&T Bank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of M&T Bank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for M&T Bank.

LSE:0JW2 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 13 analysts.
= Stable Book Value * Return on Equity
= $114.67 * 14.1%
$16.12
Book Value of Equity per Share Weighted future Book Value estimates from 11 analysts. $114.67
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0JW2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.592 (1 + (1- 21%) (52.89%))
0.893
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.893 * 5.96%)
6.55%

Discounted Cash Flow Calculation for LSE:0JW2 using Excess Returns Model Model

The calculations below outline how an intrinsic value for M&T Bank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0JW2 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14.1% – 6.55%) * $114.67)
$8.62
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $8.62 / (6.55% - 1.23%)
$161.99
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $114.67 + $161.99
$276.66
LSE:0JW2 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0JW2 represents 0.97577x of NYSE:MTB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.97577x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 276.66 x 0.97577
$269.95
Value per share (USD) From above. $269.95
Current discount Discount to share price of $163.10
= -1 x ($163.10 - $269.95) / $269.95
39.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price M&T Bank is available for.
Intrinsic value
40%
Share price is $163.1 vs Future cash flow value of $269.95
Current Discount Checks
For M&T Bank to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • M&T Bank's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • M&T Bank's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for M&T Bank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are M&T Bank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0JW2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $13.91
NYSE:MTB Share Price ** NYSE (2019-04-04) in USD $167.15
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 10.35x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 797 Publicly-Listed Companies 16.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of M&T Bank.

LSE:0JW2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:MTB Share Price ÷ EPS (both in USD)

= 167.15 ÷ 13.91

12.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • M&T Bank is overvalued based on earnings compared to the GB Banks industry average.
  • M&T Bank is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does M&T Bank's expected growth come at a high price?
Raw Data
LSE:0JW2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-1.6%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.86x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 564 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

LSE:0JW2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.02x ÷ -1.6%

-7.37x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • M&T Bank earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on M&T Bank's assets?
Raw Data
LSE:0JW2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $105.07
NYSE:MTB Share Price * NYSE (2019-04-04) in USD $167.15
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,367 Publicly-Listed Companies 1.51x
LSE:0JW2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:MTB Share Price ÷ Book Value per Share (both in USD)

= 167.15 ÷ 105.07

1.59x

* Primary Listing of M&T Bank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • M&T Bank is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess M&T Bank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. M&T Bank has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is M&T Bank expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is M&T Bank expected to grow at an attractive rate?
  • M&T Bank's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • M&T Bank's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • M&T Bank's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0JW2 Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0JW2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -1.6%
LSE:0JW2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 1.6%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0JW2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0JW2 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 6,283 1,892 2
2020-12-31 6,270 1,929 12
2019-12-31 6,163 1,961 12
LSE:0JW2 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 5,934 1,965
2018-12-31 5,796 2,090 1,836
2018-09-30 5,719 2,256 1,613
2018-06-30 5,633 1,680 1,444
2018-03-31 5,549 1,980 1,332
2017-12-31 5,464 2,782 1,328
2017-09-30 5,319 2,177 1,333
2017-06-30 5,235 2,157 1,324
2017-03-31 5,168 2,021 1,276
2016-12-31 5,106 1,183 1,223
2016-09-30 5,045 1,567 1,164
2016-06-30 4,831 1,834 1,094

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • M&T Bank's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • M&T Bank's revenue is expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:0JW2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from M&T Bank Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0JW2 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 16.03 16.30 15.60 4.00
2020-12-31 15.29 16.10 14.85 18.00
2019-12-31 14.57 15.09 14.08 19.00
LSE:0JW2 Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 13.91
2018-12-31 12.75
2018-09-30 11.01
2018-06-30 9.71
2018-03-31 8.84
2017-12-31 8.72
2017-09-30 8.69
2017-06-30 8.57
2017-03-31 8.20
2016-12-31 7.80
2016-09-30 7.48
2016-06-30 7.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • M&T Bank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess M&T Bank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
M&T Bank has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has M&T Bank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare M&T Bank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • M&T Bank's year on year earnings growth rate has been positive over the past 5 years.
  • M&T Bank's 1-year earnings growth exceeds its 5-year average (47.6% vs 13.9%)
  • M&T Bank's earnings growth has exceeded the GB Banks industry average in the past year (47.6% vs 42.2%).
Earnings and Revenue History
M&T Bank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from M&T Bank Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0JW2 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 5,933.91 1,965.37 2,420.36
2018-12-31 5,796.30 1,836.03 2,371.49
2018-09-30 5,719.25 1,613.19 2,327.80
2018-06-30 5,633.48 1,443.63 2,283.70
2018-03-31 5,549.30 1,331.69 2,253.64
2017-12-31 5,464.19 1,327.50 2,233.71
2017-09-30 5,318.91 1,332.80 2,219.06
2017-06-30 5,235.03 1,323.97 2,221.90
2017-03-31 5,168.09 1,276.28 2,222.00
2016-12-31 5,105.88 1,223.46 2,192.60
2016-09-30 5,044.81 1,163.73 2,347.83
2016-06-30 4,830.65 1,094.09 2,239.66
2016-03-31 4,700.73 1,044.60 2,135.67
2015-12-31 4,518.62 987.69 2,031.26
2015-09-30 4,400.96 993.85 1,760.85
2015-06-30 4,403.60 988.42 1,745.79
2015-03-31 4,348.97 985.64 1,724.95
2014-12-31 4,331.72 978.53 1,911.13
2014-09-30 4,301.97 927.79 1,766.33
2014-06-30 4,313.29 951.24 1,755.96
2014-03-31 4,347.04 1,019.07 1,734.91
2013-12-31 4,353.43 1,062.43 1,712.31
2013-09-30 4,354.29 1,135.51 1,690.77
2013-06-30 4,314.25 1,134.04 1,669.74
2013-03-31 4,164.61 1,020.23 1,671.22
2012-12-31 4,061.79 953.39 1,661.40
2012-09-30 3,719.67 806.62 1,657.82
2012-06-30 3,584.32 697.42 1,666.32

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • M&T Bank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • M&T Bank used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if M&T Bank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess M&T Bank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
M&T Bank has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is M&T Bank's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of M&T Bank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from M&T Bank Company Filings, last reported 3 weeks ago.

LSE:0JW2 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 15,587.53 12,078.59 9,146.48
2018-12-31 15,460.19 13,033.98 9,211.11
2018-09-30 15,436.09 10,761.35 7,958.09
2018-06-30 15,577.89 11,911.75 8,186.37
2018-03-31 15,709.69 10,459.63 7,565.87
2017-12-31 16,250.82 8,455.72 5,943.00
2017-09-30 16,318.05 8,892.22 7,843.08
2017-06-30 16,283.54 9,464.49 6,543.71
2017-03-31 16,213.10 8,415.96 8,414.54
2016-12-31 16,486.62 9,834.13 6,086.57
2016-09-30 16,340.98 10,730.15 12,627.35
2016-06-30 16,471.51 11,104.73 10,298.85
2016-03-31 16,355.05 12,409.43 11,228.37
2015-12-31 16,173.29 12,948.69 8,604.14
2015-09-30 12,921.93 10,590.57 6,360.22
2015-06-30 12,668.00 10,505.78 5,740.77
2015-03-31 12,528.30 10,954.95 8,097.81
2014-12-31 12,335.90 9,411.69 7,661.95
2014-09-30 12,333.32 9,413.58 9,566.44
2014-06-30 12,168.76 7,770.38 5,355.01
2014-03-31 11,886.86 6,702.12 5,463.81
2013-12-31 11,305.53 5,623.51 3,228.18
2013-09-30 11,016.20 5,653.00 4,498.56
2013-06-30 10,716.33 5,731.28 4,629.05
2013-03-31 10,422.96 6,106.30 3,726.37
2012-12-31 10,202.59 6,067.11 2,159.07
2012-09-30 9,945.53 6,025.80 2,788.32
2012-06-30 9,629.91 7,107.90 3,222.98
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • M&T Bank has an acceptable proportion of non-loan assets held.
  • M&T Bank's liabilities are made up of primarily low risk sources of funding.
  • Loans at M&T Bank are broadly funded by customer deposits.
  • M&T Bank's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • M&T Bank has a sufficient allowance for bad loans.
  • M&T Bank has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess M&T Bank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. M&T Bank has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is M&T Bank's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.39%
Current annual income from M&T Bank dividends. Estimated to be 2.79% next year.
If you bought $2,000 of M&T Bank shares you are expected to receive $48 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • M&T Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.02%).
  • M&T Bank's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.19%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0JW2 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 4.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0JW2 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 5.36 5.00
2020-12-31 4.81 17.00
2019-12-31 4.32 17.00
LSE:0JW2 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-20 4.000 2.405
2018-11-20 4.000 2.536
2018-08-21 4.000 2.379
2018-05-15 3.200 1.835
2018-02-21 3.000 1.615
2017-11-21 3.000 1.693
2017-08-15 3.000 1.903
2017-05-16 3.000 1.862
2017-02-22 3.000 1.888
2016-11-22 2.800 1.790
2016-08-16 2.800 2.330
2016-05-17 2.800 2.407
2016-02-18 2.800 2.497
2015-10-20 2.800 2.404
2015-07-22 2.800 2.284
2015-05-19 2.800 2.230
2015-02-19 2.800 2.279
2014-11-18 2.800 2.303
2014-08-20 2.800 2.289
2014-05-20 2.800 2.291
2014-02-19 2.800 2.343
2013-11-19 2.800 2.458
2013-08-21 2.800 2.476
2013-05-21 2.800 2.507
2013-02-21 2.800 2.738
2012-11-20 2.800 2.766
2012-08-21 2.800 2.923
2012-05-15 2.800 3.374
2012-02-22 2.800 3.306
2011-11-16 2.800 3.646
2011-08-17 2.800 3.835
2011-05-17 2.800 3.301
2011-02-16 2.800 3.197
2010-11-17 2.800 3.315
2010-08-17 2.800 3.405
2010-05-19 2.800 3.294
2010-02-16 2.800 3.393
2009-11-17 2.800 4.069
2009-08-18 2.800 4.457
2009-05-20 2.800 5.361
2009-04-24 2.800 5.486

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of M&T Bank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess M&T Bank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can M&T Bank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. M&T Bank has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of M&T Bank's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ren Jones
COMPENSATION $4,770,132
AGE 53
TENURE AS CEO 1.3 years
CEO Bio

Mr. René F. Jones, also known as Ren, CPA, has been the Chief Executive Officer and Chairman of the Board at M&T Bank Corporation since December 20, 2017. He served as Vice Chairman of M&T Bank, a subsidiary of M&T Bank Corporation since January 2014 until 2017. Mr. Jones serves as Chairman of the Board and Chief Executive Officer at M&T Bank since December 2017. Mr. Jones serves as Vice Chairman and Chief Financial Officer of M&T Bank, Inc. He has been Executive Vice President of M&T Bank Corporation since 2006. He served as its Senior Vice President since 2005. He served as the Chief Financial Officer of M&T Bank from 2005 to May 2, 2016. Mr. Jones served as the Chief Financial Officer of M&T Bank Corporation since April 2005 and its Executive Vice President since 2006. He served as Chief Financial Officer of M&T Asset Management. Mr. Jones served as Senior Vice President at M&T Bank Corporation and served as its Manager of Financial Performance Measurement Department. He began his career with M&T in 1992 as an Executive Associate. He has been the Vice Chairman of Wilmington Trust Corporation since May 16, 2011. Mr. Jones serves on the Board of Directors of the Westminster Foundation in Buffalo, New York, Roswell Park Cancer Institute’s Alliance Foundation in Buffalo, New York and the Jacobs Institute, a non-profit medical device innovation center in Buffalo, New York. Mr. Jones serves as the Chairman, Chief Executive Officer and President of Wilmington Trust, N.A. He is a trustee of M&T Real Estate since 2005. Mr. Jones serves as Treasurer on the Board of Shea's Performing Arts Center. Mr. Jones serves on the Board of Overseers of the Massachusetts Historical Society and is a trustee of the Burchfield Penny Art Center in Buffalo, New York. He is a Certified Public Accountant. Mr. Jones received his undergraduate degree in Management Science from Boston College and holds Masters Degrees in Finance and in Organization and Markets from the University of Rochester's William E. Simon School of Business.

CEO Compensation
  • Ren's compensation has increased by more than 20% in the past year.
  • Ren's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the M&T Bank management team in years:

1.7
Average Tenure
56
Average Age
  • The average tenure for the M&T Bank management team is less than 2 years, this suggests a new team.
Management Team

Ren Jones

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
53
TENURE
1.3 yrs

Kevin Pearson

TITLE
Executive VP & Director
COMPENSATION
$3M
AGE
56
TENURE
17.3 yrs

Rich Gold

TITLE
President
COMPENSATION
$3M
AGE
57
TENURE
1.3 yrs

Darren King

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
48
TENURE
2.9 yrs

Doris Meister

TITLE
Executive Vice President of Wealth & Institutional Services
COMPENSATION
$2M
AGE
62
TENURE
2.7 yrs

Michael Spychala

TITLE
Senior VP

Michele Trolli

TITLE
Executive VP and Chief Technology & Operations Officer
AGE
56
TENURE
1.3 yrs

Don MacLeod

TITLE
Administrative VP

Marianne Roche

TITLE
Chief Regulatory Counsel & Enterprise Compliance Risk Manager

Laura O'Hara

TITLE
Senior VP & General Counsel
TENURE
1.7 yrs
Board of Directors Tenure

Average tenure and age of the M&T Bank board of directors in years:

18.3
Average Tenure
73.5
Average Age
  • The average tenure for the M&T Bank board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ren Jones

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
53
TENURE
1.3 yrs

Robert Brady

TITLE
Vice Chairman & Lead Independent Director
COMPENSATION
$200K
AGE
77
TENURE
3.8 yrs

Kevin Pearson

TITLE
Executive VP & Director
COMPENSATION
$3M
AGE
56

Rich Gold

TITLE
President
COMPENSATION
$3M
AGE
57
TENURE
1.3 yrs

Bob Sadler

TITLE
Director
COMPENSATION
$240K
AGE
72
TENURE
20.3 yrs

Brent Baird

TITLE
Director
COMPENSATION
$249K
AGE
79
TENURE
36.3 yrs

C. Bontempo

TITLE
Director
COMPENSATION
$184K
AGE
77
TENURE
28.3 yrs

Jerry Hawke

TITLE
Director
COMPENSATION
$196K
AGE
84
TENURE
6.8 yrs

Herbert Washington

TITLE
Director
COMPENSATION
$174K
AGE
67
TENURE
23.3 yrs

Thomas Jefferson Cunningham

TITLE
Director
COMPENSATION
$198K
AGE
75
TENURE
18.3 yrs
Who owns this company?
Recent Insider Trading
  • M&T Bank insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Apr 19 Sell Sabeth Siddique Individual 17. Apr 19 17. Apr 19 -1,100 $168.13 $-184,939
19. Apr 19 Sell Brian Hickey Individual 17. Apr 19 17. Apr 19 -4,000 $168.53 $-674,121
19. Mar 19 Sell Michele Trolli Individual 15. Mar 19 15. Mar 19 -5,000 $173.14 $-865,711
04. Mar 19 Sell Gary Geisel Individual 01. Mar 19 01. Mar 19 -1,001 $173.00 $-173,173
31. Jan 19 Sell Michael Todaro Individual 30. Jan 19 30. Jan 19 -667 $167.70 $-111,856
24. Jan 19 Sell Sabeth Siddique Individual 22. Jan 19 22. Jan 19 -365 $165.67 $-60,468
04. Dec 18 Sell Richard Ledgett Individual 30. Nov 18 30. Nov 18 -500 $168.40 $-84,200
16. Nov 18 Sell Robert Bojdak Individual 14. Nov 18 14. Nov 18 -934 $164.50 $-153,643
13. Nov 18 Sell Doris Meister Individual 09. Nov 18 09. Nov 18 -800 $167.24 $-133,792
02. Nov 18 Sell Sabeth Siddique Individual 31. Oct 18 31. Oct 18 -930 $164.80 $-153,264
12. Jun 18 Sell Robert Bojdak Individual 08. Jun 18 08. Jun 18 -1,570 $177.93 $-279,350
X
Management checks
We assess M&T Bank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. M&T Bank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company’s Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals. Its Commercial Banking segment provides credit and banking services for middle-market and large commercial customers. The company’s Commercial Real Estate segment offers multifamily residential and commercial real estate credit, and deposit services. Its Discretionary Portfolio segment provides deposits; securities, residential real estate loans, and other assets; and short and long term borrowed funds, as well as foreign exchange services. The company’s Residential Mortgage Banking segment offers residential real estate loans for consumers and sells those loans in the secondary market; and purchases servicing rights to loans originated by other entities. Its Retail Banking segment offers demand, savings, and time accounts; consumer installment loans, automobile and recreational finance loans, home equity loans and lines of credit, and credit cards; demand, savings; and time accounts; mutual funds and annuities; and other services. The company also provides trust and wealth management; fiduciary and custodial; investment management; and insurance agency services. It offers its services through banking offices, business banking centers, telephone and Internet banking, mobile banking, and automated teller machines. As of December 31, 2018, the company had 750 domestic banking offices in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, and the District of Columbia; a full-service commercial banking office in Ontario, and Canada; and an office in George Town, Cayman Islands. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.

Details
Name: M&T Bank Corporation
0JW2
Exchange: LSE
Founded: 1856
$22,838,874,550
136,637,000
Website: http://www.mtb.com
Address: M&T Bank Corporation
One M&T Plaza,
Buffalo,
New York, 14203,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE MTB Common Stock New York Stock Exchange US USD 02. Jan 1969
DB MTZ Common Stock Deutsche Boerse AG DE EUR 02. Jan 1969
LSE 0JW2 Common Stock London Stock Exchange GB USD 02. Jan 1969
NYSE MTB.PR PERP PFD-A New York Stock Exchange US USD 29. Aug 2012
NYSE MTB.PRC PERP PFD-C New York Stock Exchange US USD 29. Aug 2012
DB A1ZDN2 6.45%-FRN SUB PERP USD 'E' Deutsche Boerse AG DE USD 10. Feb 2014
Number of employees
Current staff
Staff numbers
16,840
M&T Bank employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 22:32
End of day share price update: 2019/04/04 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/04/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.