# M&T Bank (MTB.US)

Canonical: https://gigainvestors.com/s/MTB

Analysis as of: 2026-10-16T07:30:26.609Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $218.65 per share; close as of 2026-10-15.

Estimated value: low $193.77 per share, central $242.22 per share, high $322.96 per share. Buy at or below the central value $242.22 per share. Valuation as of 2026-10-16T07:30:26.609Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2016: $1.2B

- FY2017: $1.3B

- FY2018: $1.8B

- FY2019: $1.8B

- FY2020: $1.3B

- FY2021: $1.8B

- FY2022: $1.9B

- FY2023: $2.6B

- FY2024: $2.4B

- FY2025: $2.7B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.4%

- Cost / income, median: 56.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.6%

- FY2017: 12.8%

- FY2018: 19.1%

- FY2019: 18.8%

- FY2020: 12.4%

- FY2021: 15.4%

- FY2022: 12.9%

- FY2023: 16.1%

- FY2024: 13.5%

- FY2025: 15.2%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 9.5%

- Book return interval: 10 years

- Starting book value per share: $74.23

- Ending book value per share: $112.19

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -5.7%

- FY2017: 5.5%

- FY2018: 3.2%

- FY2019: 16.2%

- FY2020: 15.7%

- FY2021: 17.4%

- FY2022: 4.6%

- FY2023: 15.7%

- FY2024: 15.9%

- FY2025: 9.1%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 4.3%

- Share growth excluding flagged crisis recapitalisations: 1.4%

- Five-year share growth excluding flagged crisis recapitalisations: 4.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: $37.96

- Earnings retained per share after dividends and buybacks: -$3.27

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 6.1%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 7

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.6% a year forever · "MTB Q2 Earnings Top Estimates on Higher Non-Interest Income, Stock Up" (finance.yahoo.com, Jul 2025) · net income +10.2%

Story as of 2026-10-16T09:59:13.001Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

### Net income · FY2025

net income +10.2%; source https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm; observed 2026-02-18.

- FY2016: $1.2B 

- FY2017: $1.3B 

- FY2018: $1.8B 

- FY2019: $1.8B 

- FY2020: $1.3B 

- FY2021: $1.8B 

- FY2022: $1.9B 

- FY2023: $2.6B 

- FY2024: $2.4B 

- FY2025: $2.7B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 9.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm#000003627026000010 (filed 2026-02-18); FY2025: revenue 9690000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTB.US: M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management. It offers a range of credit products and banking services, such as commercial lending and leasing, letters of credits, deposit products, cash management services, commercial real estate loans, and credit facilities secured by various commercial real estate properties to middle-market and large commercial customers. The company also provides customers deposit products, including demand, savings and time accounts, and other services; automobile and recreational finance loans, home equity loans and lines of credit, credit cards, and other loan products, as well as residential mortgage and real estate loans; business loans, cash management, payroll, direct deposit, and merchant credit card services to consumers and small businesses through branch network, telephone banking, internet banking, and automated teller machines. In addition, it offers trustee, agency, investment management, and administrative services; personal trust, planning and advisory, fiduciary, asset management, family office, and other services; and investment products, including mutual funds and annuities, and other services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on tangible equity observations [[2016,0.11581009914945115],[2017,0.12820395692047742],[2018,0.19148205686137745],[2019,0.18787225723837964],[2020,0.1238238430982128],[2021,0.15377439556797443],[2022,0.12944961664841184],[2023,0.16138116811558711],[2024,0.13549850614141862],[2025,0.15151004827663636]]; median 0.14350427720902748. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,523161000],[2017,530136000],[2018,582903000],[2019,619592000],[2020,636368000],[2021,648460000],[2022,881016000],[2023,968000000],[2024,1033000000],[2025,1045000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 2631000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTB.US SharesStats.PercentInsiders = 0.32299999999999995 percentage points; cache date 2026-10-16.

### What could break it

"Credit Risk" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm (filed 2026-02-18); Credit Risk

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Price 218.65; FX 1; original perpetual distributable cash 9.688651114336778; discount 0.1; growth 0.05568876691362096. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $122.73 per share

- 2016-11: $143.94 per share

- 2016-12: $156.43 per share

- 2017-01: $162.57 per share

- 2017-02: $166.97 per share

- 2017-03: $154.73 per share

- 2017-04: $155.41 per share

- 2017-05: $156.47 per share

- 2017-06: $161.95 per share

- 2017-07: $163.15 per share

- 2017-08: $147.86 per share

- 2017-09: $161.04 per share

- 2017-10: $166.77 per share

- 2017-11: $168.95 per share

- 2017-12: $170.99 per share

- 2018-01: $190.78 per share

- 2018-02: $189.84 per share

- 2018-03: $184.36 per share

- 2018-04: $182.27 per share

- 2018-05: $172.08 per share

- 2018-06: $170.15 per share

- 2018-07: $173.35 per share

- 2018-08: $177.15 per share

- 2018-09: $164.54 per share

- 2018-10: $165.41 per share

- 2018-11: $169.01 per share

- 2018-12: $143.13 per share

- 2019-01: $164.54 per share

- 2019-02: $173.06 per share

- 2019-03: $157.02 per share

- 2019-04: $170.07 per share

- 2019-05: $159.60 per share

- 2019-06: $170.07 per share

- 2019-07: $164.25 per share

- 2019-08: $146.21 per share

- 2019-09: $157.97 per share

- 2019-10: $156.53 per share

- 2019-11: $164.74 per share

- 2019-12: $169.75 per share

- 2020-01: $168.52 per share

- 2020-02: $140.38 per share

- 2020-03: $103.43 per share

- 2020-04: $112.08 per share

- 2020-05: $105.66 per share

- 2020-06: $103.97 per share

- 2020-07: $105.95 per share

- 2020-08: $103.26 per share

- 2020-09: $92.09 per share

- 2020-10: $103.58 per share

- 2020-11: $116.49 per share

- 2020-12: $127.30 per share

- 2021-01: $132.47 per share

- 2021-02: $150.94 per share

- 2021-03: $151.61 per share

- 2021-04: $157.69 per share

- 2021-05: $160.69 per share

- 2021-06: $145.31 per share

- 2021-07: $133.85 per share

- 2021-08: $140.01 per share

- 2021-09: $149.34 per share

- 2021-10: $147.12 per share

- 2021-11: $146.61 per share

- 2021-12: $153.58 per share

- 2022-01: $169.38 per share

- 2022-02: $182.23 per share

- 2022-03: $169.50 per share

- 2022-04: $166.64 per share

- 2022-05: $179.97 per share

- 2022-06: $159.39 per share

- 2022-07: $177.45 per share

- 2022-08: $181.78 per share

- 2022-09: $176.32 per share

- 2022-10: $168.37 per share

- 2022-11: $170.02 per share

- 2022-12: $145.06 per share

- 2023-01: $156.00 per share

- 2023-02: $155.29 per share

- 2023-03: $119.57 per share

- 2023-04: $125.80 per share

- 2023-05: $119.16 per share

- 2023-06: $123.76 per share

- 2023-07: $139.86 per share

- 2023-08: $125.05 per share

- 2023-09: $126.45 per share

- 2023-10: $112.75 per share

- 2023-11: $128.17 per share

- 2023-12: $137.08 per share

- 2024-01: $138.10 per share

- 2024-02: $139.74 per share

- 2024-03: $145.44 per share

- 2024-04: $144.39 per share

- 2024-05: $151.60 per share

- 2024-06: $151.36 per share

- 2024-07: $172.17 per share

- 2024-08: $172.11 per share

- 2024-09: $178.12 per share

- 2024-10: $194.68 per share

- 2024-11: $219.99 per share

- 2024-12: $188.01 per share

- 2025-01: $201.24 per share

- 2025-02: $191.72 per share

- 2025-03: $178.75 per share

- 2025-04: $169.76 per share

- 2025-05: $182.64 per share

- 2025-06: $193.99 per share

- 2025-07: $188.70 per share

- 2025-08: $201.66 per share

- 2025-09: $197.62 per share

- 2025-10: $183.87 per share

- 2025-11: $190.22 per share

- 2025-12: $201.48 per share

- 2026-01: $221.57 per share

- 2026-02: $216.98 per share

- 2026-03: $206.72 per share

- 2026-04: $218.63 per share

- 2026-05: $216.11 per share

- 2026-06: $238.01 per share

- 2026-07: $246.29 per share

- 2026-08: $233.94 per share

- 2026-09: $217.60 per share

- 2026-10: $217.93 per share

## Annual estimated value (USD per share)

- FY2016: low $136.42 per share, central $170.52 per share, high $227.37 per share

- FY2017: low $113.30 per share, central $141.62 per share, high $188.83 per share

- FY2018: low $111.97 per share, central $139.96 per share, high $186.62 per share

- FY2019: low $150.11 per share, central $187.63 per share, high $250.18 per share

- FY2020: low $134.21 per share, central $167.77 per share, high $223.69 per share

- FY2021: low $145.92 per share, central $182.40 per share, high $243.20 per share

- FY2022: low $124.66 per share, central $155.83 per share, high $207.77 per share

- FY2023: low $135.16 per share, central $168.95 per share, high $225.27 per share

- FY2024: low $156.57 per share, central $195.72 per share, high $260.95 per share

- FY2025: low $187.92 per share, central $234.90 per share, high $313.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 174,574 MTB shares; USD 41,550,000 reported position value; 0.41% of portfolio; reduce; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 58,072 MTB shares; USD 13,822,000 reported position value; 0.06% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 63,754 MTB shares; USD 13,873,000 reported position value; 1.14% of portfolio; reduce; quarter 2026 Q3.

# MTB — M&T Bank Corp.

Held by 1 investor · USD 13,873,000 total · 2026 Q3 · reported price USD 217.60 (split-adjusted).
Page: https://gigainvestors.com/s/MTB

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 13,873,000 | 1.1% | reduce -19.08% |

## Total held by quarter

- 2006 Q4: USD 819,542,122 · 1 holder · USD 122.16
- 2007 Q1: USD 777,075,671 · 1 holder · USD 115.83
- 2007 Q2: USD 717,166,444 · 1 holder · USD 106.90
- 2007 Q3: USD 694,021,222 · 1 holder · USD 103.45
- 2007 Q4: USD 547,233,553 · 1 holder · USD 81.57
- 2008 Q1: USD 540,428,029 · 1 holder · USD 80.48
- 2008 Q2: USD 473,680,332 · 1 holder · USD 70.54
- 2008 Q3: USD 599,319,105 · 1 holder · USD 89.25
- 2008 Q4: USD 385,511,595 · 1 holder · USD 57.41
- 2009 Q1: USD 303,789,314 · 1 holder · USD 45.24
- 2009 Q2: USD 392,927,904 · 2 holders · USD 50.93
- 2009 Q3: USD 480,802,414 · 2 holders · USD 62.32
- 2009 Q4: USD 516,060,229 · 2 holders · USD 66.89
- 2010 Q1: USD 520,993,087 · 2 holders · USD 79.38
- 2010 Q2: USD 519,368,924 · 2 holders · USD 84.95
- 2010 Q3: USD 500,171,532 · 2 holders · USD 81.81
- 2010 Q4: USD 510,445,444 · 2 holders · USD 87.05
- 2011 Q1: USD 518,772,067 · 2 holders · USD 88.47
- 2011 Q2: USD 471,748,057 · 1 holder · USD 87.95
- 2011 Q3: USD 411,154,596 · 2 holders · USD 69.90
- 2011 Q4: USD 410,864,934 · 1 holder · USD 76.34
- 2012 Q1: USD 467,591,635 · 1 holder · USD 86.88
- 2012 Q2: USD 444,395,043 · 1 holder · USD 82.57
- 2012 Q3: USD 512,154,926 · 1 holder · USD 95.16
- 2012 Q4: USD 529,969,479 · 1 holder · USD 98.47
- 2013 Q1: USD 555,211,246 · 1 holder · USD 103.16
- 2013 Q2: USD 601,442,970 · 1 holder · USD 111.75
- 2013 Q3: USD 602,357,917 · 1 holder · USD 111.92
- 2013 Q4: USD 626,577,097 · 1 holder · USD 116.42
- 2014 Q1: USD 652,841,452 · 1 holder · USD 121.30
- 2014 Q2: USD 667,642,062 · 1 holder · USD 124.05
- 2014 Q3: USD 663,551,712 · 1 holder · USD 123.29
- 2014 Q4: USD 676,091,865 · 1 holder · USD 125.62
- 2015 Q1: USD 683,519,080 · 1 holder · USD 127.00
- 2015 Q2: USD 672,378,257 · 1 holder · USD 124.93
- 2015 Q3: USD 656,339,778 · 1 holder · USD 121.95
- 2015 Q4: USD 652,195,607 · 1 holder · USD 121.18
- 2016 Q1: USD 597,406,440 · 1 holder · USD 111.00
- 2016 Q2: USD 636,318,589 · 1 holder · USD 118.23
- 2016 Q3: USD 624,854,844 · 1 holder · USD 116.10
- 2016 Q4: USD 841,912,517 · 1 holder · USD 156.43
- 2017 Q1: USD 832,763,049 · 1 holder · USD 154.73
- 2017 Q2: USD 871,621,378 · 1 holder · USD 161.95
- 2017 Q3: USD 866,723,722 · 1 holder · USD 161.04
- 2017 Q4: USD 939,233,707 · 2 holders · USD 170.99
- 2018 Q1: USD 1,012,789,771 · 2 holders · USD 184.36
- 2018 Q2: USD 934,846,978 · 2 holders · USD 170.15
- 2018 Q3: USD 905,560,205 · 2 holders · USD 164.54
- 2018 Q4: USD 788,045,726 · 2 holders · USD 143.13
- 2019 Q1: USD 864,942,001 · 2 holders · USD 157.02
- 2019 Q2: USD 938,382,654 · 2 holders · USD 170.07
- 2019 Q3: USD 872,011,303 · 2 holders · USD 157.97
- 2019 Q4: USD 937,259,008 · 2 holders · USD 169.75
- 2020 Q1: USD 556,664,397 · 1 holder · USD 103.43
- 2020 Q2: USD 477,652,923 · 3 holders · USD 103.97
- 2020 Q3: USD 274,622,049 · 3 holders · USD 92.09
- 2020 Q4: USD 8,544,885 · 2 holders · USD 127.30
- 2021 Q1: USD 16,458,606 · 2 holders · USD 151.60
- 2021 Q2: USD 31,886,648 · 3 holders · USD 145.31
- 2021 Q3: USD 34,099,772 · 3 holders · USD 149.34
- 2021 Q4: USD 63,776,588 · 3 holders · USD 153.58
- 2022 Q1: USD 72,713,613 · 3 holders · USD 169.50
- 2022 Q2: USD 70,070,873 · 3 holders · USD 159.39
- 2022 Q3: USD 76,757,964 · 3 holders · USD 176.32
- 2022 Q4: USD 61,425,991 · 3 holders · USD 145.06
- 2023 Q1: USD 52,426,662 · 3 holders · USD 119.57
- 2023 Q2: USD 59,312,325 · 3 holders · USD 123.76
- 2023 Q3: USD 59,529,480 · 3 holders · USD 126.45
- 2023 Q4: USD 66,481,278 · 3 holders · USD 137.08
- 2024 Q1: USD 72,176,967 · 4 holders · USD 145.44
- 2024 Q2: USD 73,838,881 · 4 holders · USD 151.37
- 2024 Q3: USD 89,610,266 · 4 holders · USD 178.12
- 2024 Q4: USD 95,184,258 · 4 holders · USD 188.01
- 2025 Q1: USD 224,162,204 · 5 holders · USD 178.75
- 2025 Q2: USD 29,024,188 · 4 holders · USD 193.99
- 2025 Q3: USD 66,651,222 · 4 holders · USD 197.62
- 2025 Q4: USD 66,512,628 · 4 holders · USD 201.48
- 2026 Q1: USD 67,029,337 · 4 holders · USD 206.72
- 2026 Q2: USD 74,124,808 · 3 holders · USD 238.01
- 2026 Q3: USD 13,873,000 · 1 holder · USD 217.60