QUOTE AND NEWS
Benzinga  Jul 21  Comment 
Analysts at Keefe Bruyette & Woods upgraded M&T Bank (NYSE: MTB) from Market Perform to Outperform. The price target for M&T Bank has been raised from $125.00 to $141.00. M&T Bank shares have gained 2.36% over the past 52 weeks, while the S&P...
TheStreet.com  Jul 21  Comment 
NEW YORK (TheStreet) -- M&T Bank  was raised to "outperform" from "market perform" at Keefe, Bruyette & Woods  with a $ 141 price target, up from $125.M&T Bank shares closed at $122.06 on Friday. Must Read: Warren Buffett's 25 Favorite...
SeekingAlpha  Jul 17  Comment 
M&T Bank Corporation (NYSE:MTB) Q2 2014 Earnings Conference Call July 17, 2014 11:00 am ET Executives Donald J. MacLeod - Administrative Vice President and Assistant Secretary Rene F. Jones - Vice Chairman and Chief Financial...
Motley Fool  Jul 17  Comment 
Thanks to continued levels of high expenses, M&T Bank had a difficult second quarter as its earnings per share fell by 22%.
newratings.com  Jul 17  Comment 
WASHINGTON (dpa-AFX) - Financial services firm M&T Bank Corp. (MTB) reported Thursday a profit for the second quarter that declined 21 percent from last year, reflecting lower revenues and higher expenses.. Both adjusted earnings per share and...
Wall Street Journal  Jul 17  Comment 
M&T Bank Corp. reported an 18% decrease in second-quarter profit as mortgage-banking revenue declined, while tax and litigation issues cut into earnings.
Benzinga  Jul 17  Comment 
M&T Bank (NYSE: MTB) reported a better-than-expected second-quarter profit. The bank's quarterly profit fell 18% to $284.3 million, or $1.98 per share, versus a year-ago profit of $348.5 million, $2.55 per share. Its revenue remained flat at...
Benzinga  May 14  Comment 
Analysts at Deutsche Bank initiated coverage on shares of Avago Technologies (NASDAQ: AVGO) with a “buy” rating. The target price for Avago Technologies is set to $80. Avago's shares closed at $68.76 yesterday. Analysts at Northland...
SeekingAlpha  May 13  Comment 
By Thomas Kee: Yesterday, Goldman Sachs upgraded M&T Bank (MTB) to a Buy from Neutral, and as a result, we were prompted to review this stock for relative valuation. Our conclusion shows that not only is MBT not value-driven right now, but the...
Benzinga  May 12  Comment 
In a note dated May 11, Goldman Sachs analyst Ryan Nash upgraded M&T Bank (NYSE: MTB) from Neutral to Buy and raised the price target from $128 to $145. Nash outlined three catalysts that he believes could drive shares higher: Higher HCBK...




 

M&T Bank Corporation (NYSE: MTB) is a bank with principal offices located in Buffalo, New York and branches across New York, Pennsylvania, Maryland, Delaware, New Jersey, Virginia, West Virginia, Washington D.C. and the Cayman Islands. M&T offers a variety of financial services (i.e. loans, leases, checking services, deposits) to consumers, businesses, institutional clients, government organizations and financial firms. M&T makes most of its money from its lending operations, which are focused mainly on consumers and small and medium sized businesses within New York, PA, MD, VA, and Washington D.C. Its operations are divided into the segments Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.

Business Growth

For the fiscal year 2010, M&T earned net income of $736 million, a 94% increase from the previous year. This increase was driven primarily by a higher net interest income and lower credit costs. The bank earned $2.3 billion in net interest income, a 10% increase from 2009.[1]

Trends and Forces

Exposure to lending/credit risks

As loaning is a large part of the bank's operations, it has high exposure to credit risk, and relies on accurately predicting how well its customers will repay their loans. The corporation must maintain proactive credit risk management and constantly weigh ongoing economic factors--should they overestimate its customers' ability to repay loans, the bank's overall performance will suffer.

Exposure to market conditions

Changes in interest rates inversely affect a bank's net interest margin — the difference between the yield the bank earns on assets and the interest rate it pays for deposits and other sources of funding. Interest rate fluctuations, such as in the Federal Funds Rate (the rate at which financial institutions lend federal funds to other depository institutions) and Prime Rate (rate at which banks lend to their highest-credited consumers) affect bank products such as loans, deposits, securities, and short-term lending. As interest rates rise, banks are forced to pay higher rates on deposits and other interest bearing accounts. Meanwhile consumer demand for mortgages and other loan products diminishes as borrowing becomes more expensive. The combination of these two effects reduces both the volume of loans and the profitability of each loan. Rising interest rates also have the potential to increase a bank's defaults as holders of adjustable rate mortgages find themselves unable to meet their obligations.

Competition

2008 Financial Comparison M&T Bank (MTB) U.S. Bancorp (USB)[2] Sovereign Bancorp (SOV) Regions Financial Corporation (RF)[3] BB&T (BBT)[4] Bank of America (BAC)[5] Wells Fargo (WFC)[6]
Net Interest Income $Mil 1,939.8 7,866.00 11,112.00 6,562.40 7,207.00 85,684.0 34,898.00
Provision for Loan Losses $Mil 412.00 3,096.00 5,101.00 2,057.00 1,445.00 26,825.00 15,979.00
Net Income $Mil 555.90 2,946.00 (46.00) (5,595.80) 1,519.00 4,008.00 2,655.00
Q4 2008 Net Income $Mil 102.20 330.00 (1,421.60) (6,218.30) 305.00 (1,789.00) (2,734.00)
TARP Funding $Bil 6.6 3.6 3.5 3.1 45.0 25.0
Price to Book 0.89 1.08 0.15 0.14 0.52 0.14 1.02
Price to Book Compared to Industry Average (0.75) +0.14 +0.33 -0.60 -0.61 -0.23 -0.61 +0.27

References

  1. [MTB 2010 10-K Pg. 38]
  2. Reuters, USB
  3. Reuters, RF
  4. Reuters, BBT
  5. Reuters, BAC
  6. Reuters, WFC, "Financial Statements"
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