M & T Bank Corp
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+ FollowMarket Cap$32.12B
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Earnings Call Q3 2026
October 16, 2026 - AI Summary
Profitability down QoQ but still strong vs targets (ROTA/ROTCE beat):
- Diluted GAAP EPS: $5.04 in Q3 vs $5.32 in the linked quarter; Net income: $775M vs $818M.
- Return metrics (tangible/net operating basis): ROA 1.4%, ROCE 11.44%; Net operating ROTA 1.47% and Net operating ROTCE 17.29%, both above long-term incentive targets.
- YTD: net operating earnings per share up ~17% vs same period 2025, supporting the “consistent growth + return discipline” narrative.
Net interest income/margin pressure but outlook remains constructive:
- Taxable-equivalent NII: ~$1.8B, roughly flat QoQ; NIM: 3.65%, down 5 bps (muted by lower non-accrual interest and higher funding costs; also affected by “one additional day” and repricing).
- Key operating assumption: management is optimizing overall returns, not maximizing NII at the expense of margin and capital.
- Forecast (Q4): taxable-equivalent NII $1.83B–$1.85B and interest margin in mid-3.60s, assuming one rate hike in December.
Loan growth solid; deposit-driven funding improved (but deposit cost rising):
- Average loans held for investment: $143.3B, +~$2.6B (+2%). Growth driven by CRE and consumer; C&I ~flat.
- CRE: $24.9B average, +~$1.6B (+7%) (reflects origination strength from late Q2; stable paydowns).
- Consumer: $27.3B average, +~$0.6B (+2%) (recreational finance, HELOC).
- Deposits: average deposits $166.8B, +~$3.3B; increased deposits let them reduce short-term borrowings (avg short-term borrowing down ~$2.8B).
- Deposit costs: +10 bps QoQ to ~2.05%; mgmt attributed part of the increase to time deposits/promotional CD maturities placed late Q2/early Q3 that later reprice upward after September’s rate hike.
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$706.29
214.4% upside
Current Fair Value
214.4% upsideUndervalued by 214.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $32.12 Billion |
|---|---|
| Enterprise Value | $36.69 Billion |
| Annual dividend | $6.00 |
| Dividend yield | 2.72% |
| Earnings per Share | $17 |
| Beta | 0.62 |
| Outstanding Shares | 144,094,000 |
Return
| Return on Equity | 10.71% |
|---|---|
| Return on Assets | 1.37% |
| Return on Invested Capital | 1.92% |
Valuation & Multiples
| P/E Ratio | 11.48 |
|---|---|
| PEG | -535.01 |
| Price to Sales | 2.44 |
| Price to Book Ratio | 1.15 |
| Enterprise Value to Revenue | 2.75 |
| Enterprise Value to EBIT | 8.93 |
| Enterprise Value to Net Income | 12 |
| Total Debt to Enterprise | 0.17 |
| Debt to Equity | 0.23 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 16, 2026
EPS Estimate
$4.93
Consensus analyst estimateRevenue Estimate
$2.53 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 19, 2027
EPS Estimate
$5.00
Consensus analyst estimateRevenue Estimate
$2.55 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 33.88% |
|---|---|
| Total Calls | 600▼ 99.87% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.47%▼ 81.39% |
|---|---|
| Total Invested | $1.18B▼ 96.28% |
| Investors Holding | 443▼ 744.00% |
About M & T Bank Corp
22,080 employees
CEO: Rene Jones
M&T Bank Corporation functions as a bank holding entity, delivering a broad spectrum of commercial and consumer banking solutions. Its Business Banking division caters to small enterprises and independent professionals, furnishing them w...