| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 69 | 12.7x | 17.8x | Top tier | |
Growth | 26 | 1.0% | 7.1% | Bottom tier | |
Quality | 61 | — | — | Around median | |
Safety | 20 | — | — | Bottom tier | |
Capital Return | 61 | 2.50% | 2.12% | Around median | |
Momentum | 87 | 26.1% | 2.9% | Top tier | |
Sentiment | 62 | 13 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
M&T Bank Corporation is a banking institution that generates income primarily from commercial, commercial real estate, residential, and consumer lending, and from the spread between asset yields and funding costs. Average loans in Q2 FY 2026 were approximately $141.4 billion, including $66.0 billion in commercial loans, $23.6 billion in commercial real estate loans, $25.1 billion in residential mortgages, and $26.7 billion in consumer loans. In addition to net interest income, the bank generates fees from wealth services, institutional trust, mortgage banking, trading and derivatives, and loan subservicing.
In Q2 FY 2026, M&T Bank reported revenue of $3.4 billion and net income of $818 million, compared with $664 million in Q1 FY 2026, while diluted earnings per share rose from $4.13 to a quarterly record of $5.32. Taxable-equivalent net interest income was $1.8 billion, up $41 million from the previous quarter, and the net interest margin remained stable at 3.70%. Noninterest income was $740 million, supported by trust income of $197 million, service charges of $144 million, and mortgage banking revenue of $127 million.
Efficiency and credit quality improved alongside revenue growth; noninterest expenses declined to $1.35 billion, and the efficiency ratio improved to 52.8% from 58.3% in Q1 FY 2026. Classified commercial loans declined to $5.9 billion from $6.6 billion, nonaccrual loans fell 3% to $1.2 billion, while net charge-offs were $80 million, or 23 basis points. Return on assets was 1.51% and return on common equity was 12.3%, while the operating return on tangible common equity reached 18.57%.
The average analyst price target is $261.08, with a wide range between $224 and $300 and a neutral consensus, reflecting a balance between improving earnings and credit quality and funding and margin pressures. The average target is slightly above the 52-week range high of $255.95, while the highest target is clearly above that high, and no usable price-to-earnings ratio is available in the data despite trailing 12-month earnings per share of $20.67.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Net income rose to $818 million from $664 million in Q1 FY 2026, and diluted earnings per share increased to a record $5.32 from $4.13. Taxable-equivalent net interest income was $1.8 billion, up $41 million, while the net interest margin remained stable at 3.70%. Noninterest income also increased to $740 million from $689 million, while noninterest expenses declined by $89 million to $1.35 billion.
Average loans increased by $3.0 billion to $141.4 billion in Q2 FY 2026, the strongest quarterly growth since 2012 after excluding acquisitions and the Paycheck Protection Program. Commercial loans led the increase, growing by $2.3 billion to $66.0 billion, while end-of-period commercial real estate balances reached $24.5 billion after increasing by $1.1 billion since March 2026. Management expects average loans of between $141 billion and $143 billion for FY 2026, but cautioned that the growth pace in the next 2 quarters may be lower than in Q2.
Average commercial real estate loans were $23.6 billion in Q2 FY 2026, while the end-of-period balance reached $24.5 billion, led by multifamily and industrial real estate. Classified commercial real estate loans declined by approximately $590 million during the quarter due to improved classifications of multifamily and office properties. Nevertheless, approximately 24% of the office portfolio remained classified, and management expects it to continue improving gradually over 1 or 2 years.
Automated analysis for informational purposes only — not investment advice.
Average deposits declined by $700 million to $163.5 billion, including $43.9 billion in noninterest-bearing deposits and $119.6 billion in interest-bearing deposits. In contrast, end-of-period deposits rose to $168.9 billion, and management said the June 2026 average exceeded the quarterly average by approximately $3.4 billion. Total investment securities and cash held at the Federal Reserve were $53.9 billion, or 25% of assets, while management estimated the liquidity coverage ratio at 106%.
The bank completed the addition of 214 thousand loans to its mortgage subservicing platform in Q2 FY 2026. Management expects these loans to add approximately $35 million to revenue in the second half of FY 2026, with most of the necessary employees and costs already included in the expense base. The business focuses on loans that are more difficult to service, including Federal Housing Administration loans, and earns servicing fees without recognizing an associated loan servicing asset on the balance sheet.
Management expects net interest income in the lower half of the $7.2–$7.35 billion range and an annual net interest margin in the upper end of the 3.60% range. It is also targeting average loans of between $141 billion and $143 billion, deposits of between $165 billion and $167 billion, and fee income of between $2.8 billion and $2.85 billion. Expenses are expected at the upper end of the $5.5–$5.6 billion range, net charge-offs at 37 basis points, and the common equity tier 1 capital ratio in the lower end of the 10%–10.5% range.
