M&T Bank

MTB · NYSE

$218.35+$4.61 (+2.16%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $213.74

MTB analyst rating

HoldConsensus of 19 analysts over the last 12 months. 32% rate it a buy.

Strong buy0
Buy6
Hold12
Underperform1
Sell0

12-month price target · 20 analysts

Average $261.30 (+19.7% upside)

Low: $226.24
Now: $218.35
High: $316.05

Upgrades and downgrades

The latest rating actions, newest first

MTB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 20, 2026	Maintains	Hold	$250.00 → $235.00	59%
DA Davidson	Oct 19, 2026	Maintains	Neutral	$262.00 → $258.00	61%
Morgan Stanley	Oct 19, 2026	Maintains	Overweight	$301.00 → $294.00	59%
RBC Capital	Oct 19, 2026	Maintains	Outperform	$255.00 → $245.00	67%
Cantor Fitzgerald	Oct 14, 2026	Maintains	Overweight	$285.00 → $255.00	54%
TD Cowen	Oct 8, 2026	Initiates	Hold	$245.00	50%
Raymond James	Oct 7, 2026	Initiates	Outperform	$250.00	54%
UBS	Oct 5, 2026	Maintains	Neutral	$255.00 → $238.00	50%
JP Morgan	Oct 2, 2026	Maintains	Neutral	$265.50 → $248.50	46%
Evercore ISI Group	Oct 1, 2026	Maintains	In-Line	$260.00 → $230.00	49%

The case for and against

Updated Oct 21, 2026

Bull case

M&T Bank is viewed favorably because it combines a disciplined community-banking model with premium profitability, as 2Q26 EPS reached $5.32, return on tangible common equity was 18.6%, and the efficiency ratio improved to 52.8% on strong operating leverage. Its franchise is also deepening through loan growth, record trust income of $197 million, and rising fee streams from wealth management, brokerage, and mortgage banking, while net charge-offs fell to 0.23% and the CET1 ratio remained around 10.2%. Even with a 3Q26 EPS of $5.04 and a modest NIM dip to 3.65%, management still sees a mid-360s margin profile supported by repricing, deposit franchise strength, and capital flexibility for buybacks.

Bear case

M&T Bank is facing a challenging mix of margin pressure and rising costs, as 3Q average deposits rebounded 2.0% to $166.777 billion but funding costs still rose 8bp to 2.44% and net interest margin slipped 5bp to 3.65%. Core noninterest expenses climbed to $1.393 billion, above forecast, while the transfer of $8.3 billion of residential mortgage loans from AFS to HTM underscores management’s concern about tangible book value and potential AOCI-related capital pressure. Although criticized loans fell to $5.9 billion and additions to nonperforming assets were only $1 million, exposure to credit, regulatory, interest-rate, and macroeconomic risks still leaves earnings quality vulnerable.

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