M&T Bank Corporation

NYSE:MTB Stock Report

Market Cap: US$30.4b

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.

US$334.96
Fair Value
41.9% undervalued intrinsic discount
20
Number of Analysts

Below Fair Value: MTB ($194.56) is trading below our estimate of fair value ($334.96)

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 Ratio12x
EarningsUS$2.54b
Market CapUS$30.40b

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 Average13.3x
HBAN Huntington Bancshares
12.7x6.98%US$25.2b
RF Regions Financial
12.1x5.70%US$23.5b
CFG Citizens Financial Group
16x22.09%US$23.2b
EWBC East West Bancorp
12.3x6.57%US$14.7b
MTB M&T Bank
12x2.16%US$30.4b

Price-To-Earnings vs Peers: MTB is good value based on its Price-To-Earnings Ratio (12x) compared to the peer average (13.3x).

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
OCNB Oconomowoc Bancshares
0.6xn/aUS$9.93m
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 12.0xIndustry Avg. 11.8xNo. of Companies110PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MTB is expensive based on its Price-To-Earnings Ratio (12x) compared to the US Banks industry average (11.8x).

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 Ratio12x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: MTB is good value based on its Price-To-Earnings Ratio (12x) compared to the estimated Fair Price-To-Earnings Ratio (13x).

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$194.56
US$220.15
+13.15%
7.59%US$251.00US$180.00n/a20
Sep ’26US$201.66
US$215.68
+6.95%
7.43%US$237.00US$175.00n/a19
Aug ’26US$184.99
US$216.58
+17.08%
7.85%US$240.00US$175.00n/a19
Jul ’26US$197.50
US$203.93
+3.25%
7.86%US$230.00US$175.00n/a20
Jun ’26US$182.64
US$199.28
+9.11%
7.76%US$230.00US$175.00n/a20
May ’26US$170.86
US$194.53
+13.85%
6.40%US$220.00US$175.00n/a18
Apr ’26US$176.37
US$214.92
+21.86%
9.05%US$253.00US$175.00n/a19
Mar ’26US$191.72
US$222.87
+16.25%
8.72%US$269.00US$170.00n/a19
Feb ’26US$201.24
US$221.82
+10.22%
8.77%US$269.00US$170.00n/a19
Jan ’26US$188.01
US$226.03
+20.22%
10.65%US$269.00US$170.00n/a18
Dec ’25US$219.99
US$220.00
+0.0045%
10.07%US$269.00US$170.00n/a19
Nov ’25US$192.25
US$206.51
+7.42%
9.87%US$240.00US$158.21n/a20
Oct ’25US$172.72
US$185.22
+7.24%
8.95%US$220.00US$158.21US$195.2919
Sep ’25US$172.11
US$182.06
+5.78%
8.07%US$220.00US$158.21US$201.6620
Aug ’25US$166.85
US$180.36
+8.10%
6.84%US$208.00US$158.21US$184.9920
Jul ’25US$149.82
US$166.46
+11.11%
5.99%US$182.00US$150.00US$197.5020
Jun ’25US$151.60
US$164.11
+8.25%
6.35%US$180.00US$150.00US$182.6420
May ’25US$146.13
US$162.09
+10.92%
6.69%US$180.00US$139.60US$170.8621
Apr ’25US$143.22
US$159.59
+11.43%
6.80%US$180.00US$139.60US$176.3721
Mar ’25US$136.91
US$157.50
+15.04%
6.46%US$180.00US$139.60US$191.7221
Feb ’25US$131.73
US$156.45
+18.76%
5.74%US$180.00US$139.60US$201.2421
Jan ’25US$137.08
US$150.51
+9.80%
8.45%US$180.00US$121.00US$188.0121
Dec ’24US$132.71
US$145.36
+9.54%
8.78%US$180.00US$121.00US$219.9921
Nov ’24US$112.13
US$145.63
+29.88%
8.59%US$180.00US$121.00US$192.2521
Oct ’24US$126.45
US$148.16
+17.17%
7.40%US$180.00US$133.65US$172.7221
US$220.15
Fair Value
11.6% undervalued intrinsic discount
20
Number of Analysts

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/05 01:59
End of Day Share Price 2025/10/03 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

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.

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 Github.

Analyst Sources

M&T Bank Corporation is covered by 50 analysts. 13 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
Jason GoldbergBarclays