M&T Bank Corporation

NYSE:MTB Stock Report

Market Cap: US$30.8b

M&T Bank Valuation

Is MTB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MTB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MTB ($189.48) is trading below our estimate of fair value ($378.58)

Significantly Below Fair Value: MTB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MTB?

Key metric: As MTB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MTB. This is calculated by dividing MTB's market cap by their current earnings.
What is MTB's PE Ratio?
PE Ratio13.9x
EarningsUS$2.26b
Market CapUS$30.77b

Price to Earnings Ratio vs Peers

How does MTB's PE Ratio compare to its peers?

The above table shows the PE ratio for MTB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.3x
HBAN Huntington Bancshares
15.6x11.1%US$23.1b
RF Regions Financial
13.2x12.0%US$21.1b
CFG Citizens Financial Group
16.5x21.6%US$18.7b
EWBC East West Bancorp
12x6.3%US$13.2b
MTB M&T Bank
13.9x6.7%US$30.8b

Price-To-Earnings vs Peers: MTB is good value based on its Price-To-Earnings Ratio (13.9x) compared to the peer average (14.3x).

Price to Earnings Ratio vs Industry

How does MTB's PE Ratio compare vs other companies in the US Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRCB First Republic Bank
0.02xn/aUS$27.98m
BKGM BankGuam Holding
1xn/aUS$18.48m
SBNY Signature Bank
0.002xn/aUS$2.18m
BCBH.F Caribbean Investment Holdings
0.00001xn/aUS$132.00
No more companies available in this PE range
MTB 13.9xIndustry Avg. 12.3xNo. of Companies83PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MTB is expensive based on its Price-To-Earnings Ratio (13.9x) compared to the US Banks industry average (12.3x).

Price to Earnings Ratio vs Fair Ratio

What is MTB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.9x
Fair PE Ratio15.9x

Price-To-Earnings vs Fair Ratio: MTB is good value based on its Price-To-Earnings Ratio (13.9x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MTB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$189.48
US$225.82
+19.2%
10.4%US$269.00US$170.00n/a19
Dec ’25US$219.99
US$220.00
+0.005%
10.1%US$269.00US$170.00n/a19
Nov ’25US$192.25
US$206.51
+7.4%
9.9%US$240.00US$158.21n/a20
Oct ’25US$172.72
US$185.22
+7.2%
8.9%US$220.00US$158.21n/a19
Sep ’25US$172.11
US$182.06
+5.8%
8.1%US$220.00US$158.21n/a20
Aug ’25US$166.85
US$180.36
+8.1%
6.8%US$208.00US$158.21n/a20
Jul ’25US$149.82
US$166.46
+11.1%
6.0%US$182.00US$150.00n/a20
Jun ’25US$151.60
US$164.11
+8.3%
6.3%US$180.00US$150.00n/a20
May ’25US$146.13
US$162.09
+10.9%
6.7%US$180.00US$139.60n/a21
Apr ’25US$143.22
US$159.59
+11.4%
6.8%US$180.00US$139.60n/a21
Mar ’25US$136.91
US$157.50
+15.0%
6.5%US$180.00US$139.60n/a21
Feb ’25US$131.73
US$156.45
+18.8%
5.7%US$180.00US$139.60n/a21
Jan ’25US$137.08
US$150.51
+9.8%
8.5%US$180.00US$121.00n/a21
Dec ’24US$132.71
US$145.36
+9.5%
8.8%US$180.00US$121.00US$219.9921
Nov ’24US$112.13
US$145.63
+29.9%
8.6%US$180.00US$121.00US$192.2521
Oct ’24US$126.45
US$148.16
+17.2%
7.4%US$180.00US$133.65US$172.7221
Sep ’24US$125.76
US$152.26
+21.1%
7.6%US$180.00US$136.00US$172.1121
Aug ’24US$138.70
US$151.36
+9.1%
7.5%US$180.00US$136.00US$166.8521
Jul ’24US$123.76
US$149.46
+20.8%
10.0%US$190.00US$126.00US$149.8221
Jun ’24US$121.30
US$151.98
+25.3%
10.1%US$190.00US$126.00US$151.6021
May ’24US$121.69
US$151.98
+24.9%
9.9%US$190.00US$126.00US$146.1321
Apr ’24US$119.57
US$169.34
+41.6%
9.2%US$212.00US$150.00US$143.2220
Mar ’24US$154.18
US$175.61
+13.9%
7.3%US$212.00US$160.00US$136.9121
Feb ’24US$154.40
US$175.23
+13.5%
8.6%US$212.00US$160.00US$131.7321
Jan ’24US$145.06
US$189.52
+30.6%
13.3%US$255.00US$153.00US$137.0821
Dec ’23US$168.32
US$196.74
+16.9%
11.0%US$255.00US$170.00US$132.7120

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 23:18
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

M&T Bank Corporation is covered by 50 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Stephen BiggarArgus Research Company
David GeorgeBaird
Ishan MajumdarBaptista Research