M&T Bank Corp

MTB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$866.00	Lnjts	Frycfjgpv

Modestly Lowering Our Fair Value Estimate for M&T Bank as We Take Up Provisions

Rajiv Bhatia

Apr 1, 2024

Business Strategy and Outlook

M&T Bank is a midsize regional bank with operations throughout the Northeastern United States. The bank has a valuable commercial real estate franchise, with much of the rest of its business comprising other commercial-focused (as opposed to retail-focused) operations, although the bank does have retail operations. M&T has a history of good management, good underwriting, and deep on-the-ground relationships. The bank is a solid regional operator.

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