---
title: M&T Bank (MTB) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mtb
ticker: MTB
as_of: 2026-10-17
sector: Financial Services
industry: Banks - Regional
---
# M&T Bank (MTB)

M&T Bank (MTB) closed at $215.16 on Oct 16, 2026, undervalued by 10% vs its model value of $238.77 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $215.16 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $238.77 |
| Price vs model | undervalued by 10% vs model |
| Range of that model | $208.92 – $278.56 |
| Market value | $31.1B |
| P/E (fiscal 2025) | 12.7 |
| Net margin (fiscal 2025) | 23.2% |
| Free cash flow (fiscal 2025) | $2.9B |
| Dividend yield (trailing twelve months) | 2.79% |
| Beta | 0.61 |
| Cost of capital (WACC) | 9.17% |
| Business classification | Dividend Payer (Low/slowing growth (~6% recent), High profitability (172% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (9.2%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #42 | 12.7× | https://sweetvaluelab.com/lists/lowest-pe |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.79% |
| Dividends per share, last 12 months | $6.00 |
| Dividends / earnings (fiscal 2025) | 31.5% |
| Raised | 9 years in a row |
| Growth over 5 years | 6.4% a year |
| Latest payment | $1.50, ex-date Sep 1, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 31, 2021 | $4.40 |
| To Aug 31, 2022 | $4.80 |
| To Aug 31, 2023 | $5.10 |
| To Sep 3, 2024 | $5.30 |
| To Sep 2, 2025 | $5.55 |
| Trailing twelve months (to Sep 1, 2026) | $6.00 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $238.77 | $208.92 | $278.56 |
| P/E · peers | cross check | $224.70 | $203.51 | $280.56 |
| P/E · own history | cross check | $224.37 | $197.91 | $240.94 |
| PEG | sanity check | $249.73 | $249.73 | $249.73 |
| Dividend discount | cross check | $124.46 | $84.13 | $211.36 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 5 open-market sales ($5.3M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 14, 2026 | JONES RENE F | Chairman of the Board and CEO | Option/RSU exercise (10b5-1 plan) | 16,770 | $3.2M |
| Sep 14, 2026 | JONES RENE F | Chairman of the Board and CEO | Tax withholding (10b5-1 plan) | 15,101 | $3.6M |
| Sep 14, 2026 | JONES RENE F | Chairman of the Board and CEO | Open-market sell (10b5-1 plan) | 19,396 | $4.6M |
| Sep 14, 2026 | JONES RENE F | Chairman of the Board and CEO | Option/RSU exercise (10b5-1 plan) | 16,770 | $0 |
| Aug 21, 2026 | Seseri Rudina | Director | Open-market sell | 623 | $150,171 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 16, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36270/000003627026000057/mbt-20261016.htm |
| Sep 28, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36270/000003627026000054/mbt-20260928.htm |
| Sep 22, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/36270/000119312526398138/d181022d8k.htm |
| Sep 22, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/36270/000119312526398042/d178853d424b5.htm |
| Sep 22, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/36270/000119312526397312/d14226ds3asr.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| John Rogers | 2026-06-30 | 174,574 | $41.6M |
| David Katz | 2026-09-30 | 63,754 | $13.9M |
| Christopher Davis | 2026-06-30 | 58,072 | $13.8M |
| Bridgewater | 2026-06-30 | 57,083 | $13.6M |

4 tracked managers in all.

## About

M&T Bank Corporation functions as a bank holding entity, delivering a broad spectrum of financial solutions to both commercial enterprises and individual consumers. Its Business Banking division caters to small businesses and professionals, providing essential services such as deposit accounts, credit facilities, and treasury management solutions. The Commercial Banking arm extends its reach to middle-market and large corporate clients, supplying a robust suite of offerings including deposit products, commercial loans and leases, letters of credit, and sophisticated cash management tools. Dedicated to Commercial Real Estate, the company engages in the origination, sale, and servicing of commercial property loans, alongside offering deposit services tailored for this sector. The Discretionary Portfolio segment focuses on internal financial management, overseeing deposits, investment secur…

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Source: https://sweetvaluelab.com/stocks/mtb (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.