M&T Bank
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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MTB Share Price and Events
7 Day Returns
1 Year Returns
MTB Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| M&T Bank (MTB) | -0.7% | 8.7% | -0.2% | -8.3% | 39.7% | 37.4% |
| US Banks | 1.2% | 8.6% | 3.7% | -5.2% | 43.3% | 51.7% |
| US Market | -0.1% | 3.7% | 10.2% | 7.6% | 38.1% | 46.4% |
1 Year Return vs Industry and Market
- MTB underperformed the Banks industry which returned -5.2% over the past year.
- MTB underperformed the Market in United States of America which returned 7.6% over the past year.
MTB 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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for M&T Bank.
| 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 | 8.3% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Banks Unlevered Beta | Simply Wall St/ S&P Global | 0.63 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.63 (1 + (1- 21%) (52.89%)) |
0.929 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.93 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.929 * 5.96%) |
8.27% |
Discounted Cash Flow Calculation for NYSE:MTB 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.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (14.1% – 8.27%) * $114.67) |
$6.65 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= $6.65 / (8.27% - 2.73%) |
$120.07 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= $114.67 + $120.07 |
$234.73 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $234.73 |
| Current discount | Discount to share price of
$167.15
= -1 x ($167.15 - $234.73) / $234.73 |
28.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- 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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $13.91 |
| NYSE:MTB Share Price ** | NYSE (2019-04-23) in USD | $167.15 |
| United States of America Banks Industry PE Ratio | Median Figure of 587 Publicly-Listed Banks Companies | 12.86x |
| United States of America Market PE Ratio | Median Figure of 3,080 Publicly-Listed Companies | 18.03x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of M&T Bank.
| 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 good value based on earnings compared to the US Banks industry average.
- M&T Bank is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does
M&T Bank's expected growth come at a high price?
| 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 States of America Banks Industry PEG Ratio | Median Figure of 262 Publicly-Listed Banks Companies | 1.25x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
| 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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $105.07 |
| NYSE:MTB Share Price * | NYSE (2019-04-23) in USD | $167.15 |
| United States of America Banks Industry PB Ratio | Median Figure of 592 Publicly-Listed Banks Companies | 1.22x |
| United States of America Market PB Ratio | Median Figure of 5,185 Publicly-Listed Companies | 1.92x |
| 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 US Banks industry average.
Value checks
We assess M&T Bank's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check) M&T Bank has a total score of 3/6, 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.
MTB 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!
Earnings growth vs Low Risk Savings
- M&T Bank's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- M&T Bank's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- M&T Bank's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:MTB Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts | -1.6% |
| NYSE:MTB Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts | 1.6% |
| United States of America Banks Industry Earnings Growth Rate | Market Cap Weighted Average | 4.2% |
| United States of America Banks Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess M&T Bank's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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.
MTB 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
Past Earnings growth analysis
- 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 US Banks industry average in the past year (47.6% vs 43.5%).
Earnings and Revenue History
All data from M&T Bank Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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 US 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.
Past performance checks
We assess M&T Bank's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
MTB Health
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.
Balance sheet
Assets
Liabilities and shares
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.
All data from M&T Bank Company Filings, last reported 3 weeks ago.
| 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.
- 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%).
Financial health checks
We assess M&T Bank's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) M&T Bank has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
MTB 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
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
- M&T Bank's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
- M&T Bank's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
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.
| 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 States of America Banks Industry Average Dividend Yield | Market Cap Weighted Average of 472 Stocks | 2.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2008 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| 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 |
| 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).
- Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
Income/ dividend checks
We assess M&T Bank's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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.
MTB Management
CEO
| 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 lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the M&T Bank management team in years:
- The average tenure for the M&T Bank management team is less than 2 years, this suggests a new team.
Management Team
Ren Jones
Chairman & CEO
$5M
53
1.3 yrs
Kevin Pearson
Executive VP & Director
$3M
56
17.3 yrs
Rich Gold
President
$3M
57
1.3 yrs
Darren King
Executive VP & CFO
$2M
48
2.9 yrs
Doris Meister
Executive Vice President of Wealth & Institutional Services
$2M
62
2.7 yrs
Michael Spychala
Senior VP
Michele Trolli
Executive VP and Chief Technology & Operations Officer
56
1.3 yrs
Don MacLeod
Administrative VP
Marianne Roche
Chief Regulatory Counsel & Enterprise Compliance Risk Manager
Laura O'Hara
Senior VP & General Counsel
1.7 yrs
Board of Directors Tenure
Average tenure and age of the M&T Bank board of directors in years:
- 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
Chairman & CEO
$5M
53
1.3 yrs
Robert Brady
Vice Chairman & Lead Independent Director
$200K
77
3.8 yrs
Kevin Pearson
Executive VP & Director
$3M
56
Rich Gold
President
$3M
57
1.3 yrs
Bob Sadler
Director
$240K
72
20.3 yrs
Brent Baird
Director
$249K
79
36.3 yrs
C. Bontempo
Director
$184K
77
28.3 yrs
Jerry Hawke
Director
$196K
84
6.8 yrs
Herbert Washington
Director
$174K
67
23.3 yrs
Thomas Jefferson Cunningham
Director
$198K
75
18.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess M&T Bank's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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.
MTB News
Simply Wall St News
I Ran A Stock Scan For Earnings Growth And M&T Bank (NYSE:MTB) Passed With Ease
M&T Bank's Earnings Per Share Are Growing. … If a company can keep growing earnings per share (EPS) long enough, its share price will eventually follow. … Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth.
Simply Wall St - – Full articleDo Institutions Own M&T Bank Corporation (NYSE:MTB) Shares?
A look at the shareholders of M&T Bank Corporation (NYSE:MTB) can tell us which group is most powerful. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … institutions own shares in the company.
Simply Wall St - – Full articleWhy M&T Bank Corporation (NYSE:MTB) Could Be Worth Watching
received a lot of attention from a substantial price increase on the NYSE over the last few months. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price
Simply Wall St - – Full articleRead This Before Buying M&T Bank Corporation (NYSE:MTB) Shares
So we'll take a look at whether insiders have been buying or selling shares in M&T Bank Corporation (NYSE:MTB). … We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price. … All up, insiders sold more shares in M&T Bank than they bought, over the last year.
Simply Wall St - – Full articleShould You Be Tempted To Sell M&T Bank Corporation (NYSE:MTB) Because Of Its P/E Ratio?
The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at M&T Bank Corporation's (NYSE:MTB) P/E ratio and reflect on what it tells us about the company's share price. … M&T Bank has a price to earnings ratio of 13.51, based on the last twelve months.
Simply Wall St - – Full articleUnderstated Factors To Consider Before Investing In M&T Bank Corporation (NYSE:MTB)
Post-GFC recovery has driven major financial institutions’ return to health, increasing market confidence in these “too-big-to-fail” banks. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks to vulnerabilities. … Today we’re going to take a look at these metrics to gain more confidence investing in the stock.
Simply Wall St - – Full articleWill M&T Bank Corporation's (NYSE:MTB) Earnings Grow Over The Next Few Years?
M&T Bank Corporation's (NYSE:MTB) latest earnings announcement in December 2018a … confirmed … business
Simply Wall St - – Full articleWhat To Know Before Buying M&T Bank Corporation (NYSE:MTB) For Its Dividend
There is a lot to be liked about M&T Bank Corporation (NYSE:MTB) as an income stock. … The company currently pays out a dividend yield of 2.9% to shareholders, making it a relatively attractive dividend stock. … 5 questions to ask before buying a dividend stock
Simply Wall St - – Full articleIs M&T Bank Corporation (NYSE:MTB) Potentially Undervalued?
saw significant share price volatility over the past couple of months on the NYSE, rising to the highs of $179.73 and falling to the lows of $153.56. … This high level of volatility gives investors the opportunity to enter into the stock, and potentially buy at an artificially low price? … Let’s take a look at M&T Bank’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleAre Insiders Selling M&T Bank Corporation (NYSE:MTB) Stock?
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … So shareholders might well want to know whether insiders have been buying or selling shares in M&T Bank Corporation (NYSE:MTB). … We generally tread carefully if insiders have been selling on market, even if they sold slightly above the current price
Simply Wall St - – Full articleMTB 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 |
| MTB | |
| Exchange: | NYSE |
| 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.PRC | PERP PFD-C | New York Stock Exchange | US | USD | 29. Aug 2012 | |
| NYSE | MTB.PR | PERP PFD-A | 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
Industry
| Regional Banks | |
| Banks |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 23:39 |
| End of day share price update: | 2019/04/23 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.
