M&T Bank (MTB)
Market Price (11/4/2026): $221.93 | Market Cap: $31.9 BilInvestor Relations Sector: Financials | Industry: Regional Banks
M&T Bank (MTB)
Market Price (11/4/2026): $221.93Market Cap: $31.9 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.9%, FCF Yield is 11% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -72% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 3.8 Bil, FCF LTM is 3.6 Bil Stock buyback supportStock Buyback 3Y Total is 5.5 Bil Low stock price volatilityVol 12M is 21% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 28% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. | Weak multi-year price returns2Y Excs Rtn is -9.2% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 8.2% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% Key risksMTB key risks include [1] rising net charge-offs indicating an increase in uncollectible debt and [2] a significant exposure to the commercial real estate market. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.9%, FCF Yield is 11% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -72% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 3.8 Bil, FCF LTM is 3.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.5 Bil |
| Low stock price volatilityVol 12M is 21% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -9.2% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 8.2% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% |
| Key risksMTB key risks include [1] rising net charge-offs indicating an increase in uncollectible debt and [2] a significant exposure to the commercial real estate market. |
Qualitative Assessment
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M&T Bank (MTB) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. M&T Bank's fiscal Q3 2026 results showed a revenue miss and increased noninterest expenses. The company reported revenue of $2.54 billion, which missed analyst estimates by approximately $10 million. Additionally, diluted earnings per common share decreased to $5.04 in fiscal Q3 2026 from $5.32 in fiscal Q2 2026, and net income also fell to $775 million from $818 million in the preceding quarter. This was partly due to an increase in noninterest expense, reflecting higher outside data processing and software costs, professional services, and personnel expenses.
2. The company experienced a decline in its net interest margin (NIM) in fiscal Q3 2026. M&T Bank's net interest margin decreased to 3.65% in fiscal Q3 2026, down from 3.70% in fiscal Q2 2026. This reduction in a key profitability metric could signal pressure on the bank's earnings in a "higher for longer" interest rate environment, which was noted as a factor influencing regional banks during this period.
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M&T Bank (MTB) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. M&T Bank's fiscal Q3 2026 results showed a revenue miss and increased noninterest expenses. The company reported revenue of $2.54 billion, which missed analyst estimates by approximately $10 million. Additionally, diluted earnings per common share decreased to $5.04 in fiscal Q3 2026 from $5.32 in fiscal Q2 2026, and net income also fell to $775 million from $818 million in the preceding quarter. This was partly due to an increase in noninterest expense, reflecting higher outside data processing and software costs, professional services, and personnel expenses.
2. The company experienced a decline in its net interest margin (NIM) in fiscal Q3 2026. M&T Bank's net interest margin decreased to 3.65% in fiscal Q3 2026, down from 3.70% in fiscal Q2 2026. This reduction in a key profitability metric could signal pressure on the bank's earnings in a "higher for longer" interest rate environment, which was noted as a factor influencing regional banks during this period.
3. A series of analyst downgrades and reduced price targets contributed to negative investor sentiment. Leading up to and following the fiscal Q3 2026 earnings release, several analysts lowered their price targets for M&T Bank. For instance, UBS cut its price target from $255 to $238 on October 5, 2026, and JP Morgan reduced its target from $265.5 to $248.5 on October 2, 2026. Post-earnings, Wolfe Research downgraded the stock from "peer perform" to "underperform" with a $198.00 price target on October 27, 2026.
4. A significant insider sale by a key executive potentially signaled reduced confidence. Kevin J Pearson, Vice Chairman of M&T Bank, conducted open market sales totaling an estimated $6,191,277 in the six months leading up to October 16, 2026. Insider selling of this magnitude can be interpreted by investors as a lack of conviction in the company's near-term prospects.
5. Broader macroeconomic headwinds and concerns within the regional banking sector exerted downward pressure. The regional banking sector experienced weakness in capital markets and trading, along with persistent concerns regarding commercial real estate, particularly office properties, throughout October 2026. General market sentiment also faced headwinds from geopolitical uncertainty, elevated energy prices, and rising sovereign bond yields, creating a challenging environment for bank stocks.
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Stock Movement Drivers
Fundamental Drivers
The -9.3% change in MTB stock from 7/31/2026 to 11/3/2026 was primarily driven by a -14.3% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.71 | 222.07 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,724 | 9,823 | 1.0% |
| Net Income Margin (%) | 30.1% | 30.9% | 2.4% |
| P/E Multiple | 12.5 | 10.7 | -14.3% |
| Shares Outstanding (Mil) | 149 | 146 | 2.3% |
| Cumulative Contribution | -9.3% |
Market Drivers
7/31/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| MTB | -9.3% | |
| Market (SPY) | 1.0% | 36.6% |
| Sector (XLF) | 0.4% | 73.1% |
Fundamental Drivers
The 2.9% change in MTB stock from 4/30/2026 to 11/3/2026 was primarily driven by a 4.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302026 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 215.72 | 222.07 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,622 | 9,823 | 2.1% |
| Net Income Margin (%) | 29.6% | 30.9% | 4.2% |
| P/E Multiple | 11.5 | 10.7 | -7.5% |
| Shares Outstanding (Mil) | 153 | 146 | 4.6% |
| Cumulative Contribution | 2.9% |
Market Drivers
4/30/2026 to 11/3/2026| Return | Correlation | |
|---|---|---|
| MTB | 2.9% | |
| Market (SPY) | 5.2% | 23.2% |
| Sector (XLF) | 10.1% | 66.3% |
Fundamental Drivers
The 24.2% change in MTB stock from 10/31/2025 to 11/3/2026 was primarily driven by a 6.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.75 | 222.07 | 24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,547 | 9,823 | 2.9% |
| Net Income Margin (%) | 29.0% | 30.9% | 6.3% |
| P/E Multiple | 10.0 | 10.7 | 6.5% |
| Shares Outstanding (Mil) | 156 | 146 | 6.6% |
| Cumulative Contribution | 24.2% |
Market Drivers
10/31/2025 to 11/3/2026| Return | Correlation | |
|---|---|---|
| MTB | 24.2% | |
| Market (SPY) | 11.5% | 35.2% |
| Sector (XLF) | 10.5% | 67.9% |
Fundamental Drivers
The 116.1% change in MTB stock from 10/31/2023 to 11/3/2026 was primarily driven by a 86.9% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11032026 | Change |
|---|---|---|---|
| Stock Price ($) | 102.76 | 222.07 | 116.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,572 | 9,823 | 2.6% |
| Net Income Margin (%) | 31.1% | 30.9% | -0.9% |
| P/E Multiple | 5.7 | 10.7 | 86.9% |
| Shares Outstanding (Mil) | 166 | 146 | 13.7% |
| Cumulative Contribution | 116.1% |
Market Drivers
10/31/2023 to 11/3/2026| Return | Correlation | |
|---|---|---|
| MTB | 116.1% | |
| Market (SPY) | 86.6% | 50.9% |
| Sector (XLF) | 84.5% | 73.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTB Return | 24% | -3% | -2% | 42% | 10% | 12% | 109% |
| Peers Return | 42% | -16% | -3% | 31% | 21% | 9% | 99% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| MTB Win Rate | 75% | 50% | 58% | 75% | 50% | 55% | |
| Peers Win Rate | 70% | 50% | 48% | 60% | 58% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| MTB Max Drawdown | -22% | -26% | -30% | -16% | -22% | -17% | |
| Peers Max Drawdown | -18% | -36% | -42% | -13% | -27% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PNC, KEY, CFG, FITB, HBAN. See MTB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/3/2026 (YTD)
How Low Can It Go
| Event | MTB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.3% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.3% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.3% | -6.7% |
| % Gain to Breakeven | 43.5% | 7.1% |
| Time to Breakeven | 364 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.5% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.4% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
In The Past
M&T Bank's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | MTB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.9% | -18.8% |
| % Gain to Breakeven | 26.3% | 23.1% |
| Time to Breakeven | 84 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.3% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.3% | -6.7% |
| % Gain to Breakeven | 43.5% | 7.1% |
| Time to Breakeven | 364 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.2% | -33.7% |
| % Gain to Breakeven | 89.5% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.4% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.1% | -17.9% |
| % Gain to Breakeven | 30.0% | 21.8% |
| Time to Breakeven | 179 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.8% | -53.4% |
| % Gain to Breakeven | 155.2% | 114.4% |
| Time to Breakeven | 315 days | 1085 days |
In The Past
M&T Bank's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About M&T Bank (MTB)
M&T Bank Corporation (MTB) operates as a bank holding company, providing a comprehensive suite of commercial and retail banking services. The company caters to a wide array of clients, including individual consumers, small businesses, professionals, and various sizes of commercial customers, ranging from middle-market companies to large corporations. Its core mission involves offering essential financial products and services to support both personal and business financial needs across its operating regions.
The bank's main products and services include a variety of deposit accounts such as demand, savings, and time accounts. For its business clients, M&T Bank offers commercial lending, leasing, letters of credit, and cash management services, alongside specialized financing for commercial real estate. Consumers can access residential mortgage loans, home equity lines of credit, consumer installment loans for autos and recreation, and credit cards. The company also originates and sells residential mortgage loans in the secondary market.
Beyond traditional banking, M&T Bank extends its services to wealth management, trust, fiduciary, and investment management, as well as providing insurance agency and institutional brokerage services. The company maintains a substantial physical presence, operating 688 domestic banking offices across New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia, complemented by a commercial banking office in Ontario, Canada.
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Here are a few analogies to describe M&T Bank (MTB):
- A regional version of Bank of America, but with a strong presence in the Northeast and Mid-Atlantic states.
- Like a large, full-service community bank that operates across multiple states, from New York to Virginia.
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- Business Banking Services: Offers a suite of financial services including deposits, lending, and cash management for small businesses and professionals.
- Commercial Banking Services: Provides deposit products, commercial lending and leasing, letters of credit, and cash management for middle-market and large corporations.
- Commercial Real Estate Loans: Originates, sells, and services loans specifically for commercial real estate projects.
- Residential Mortgage Loans: Offers real estate loans to consumers for their homes, also selling them in the secondary market.
- Retail Banking Services: Delivers personal financial products such as checking, savings, consumer loans, credit cards, and basic investment options like mutual funds and annuities.
- Trust and Wealth Management: Manages assets and provides fiduciary, custodial, and comprehensive wealth management services.
- Insurance Agency Services: Acts as an insurance agency providing various insurance products.
- Institutional Brokerage and Securities: Offers brokerage and securities services to institutional clients.
- Investment Management: Provides professional investment management services.
- Foreign Exchange Services: Offers services for converting currencies.
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M&T Bank (MTB) serves a diverse customer base, including both businesses and individual consumers. Since the company does not primarily sell to a few named corporate entities, its major customers can be best described by categories:
- Small Businesses and Professionals: This segment includes small businesses and professionals who utilize the bank's deposit, lending, and cash management services.
- Commercial Customers: This category encompasses middle-market and large commercial customers, as well as entities involved in commercial real estate. They are offered deposit products, commercial lending and leasing, letters of credit, and cash management services.
- Individual Consumers: This segment consists of individuals who use retail banking services such as demand, savings, and time accounts; various consumer loans (e.g., installment, automobile, home equity, credit cards); and residential real estate loans. The bank also provides wealth management and investment services to individuals.
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René F. Jones, Chairman and Chief Executive Officer
René F. Jones is the Chairman and Chief Executive Officer of M&T Bank. He joined M&T Bank in 1992, serving as Chief Financial Officer from 2005 to 2016 and as Vice Chairman from 2014 to 2017. Prior to joining M&T, he worked at Ernst & Young and then at The Group Inc., a small private equity firm where he researched companies undergoing acquisition.
Daryl Bible, Chief Financial Officer
Daryl Bible is the Chief Financial Officer of M&T Bank, a position he assumed in June 2023. He is responsible for the overall financial management of the company and brings over 30 years of experience in banking and corporate finance leadership. Before joining M&T, Mr. Bible served as the CFO of Truist Financial Corporation and spent 24 years at U.S. Bank, including 10 years as treasurer.
Augie Chiasera, Head of Community Markets
Augie Chiasera is M&T Bank's Head of Community Markets, overseeing the activities of the bank's Regional Presidents as they serve customers, strengthen communities, and support employees. He also oversees M&T's Community Financing business.
Peter G. D'Arcy, Head of Commercial Banking
Peter D'Arcy is the Head of Commercial Banking for M&T Bank. In this role, he is responsible for directing strategic growth and business line development activities for Commercial Banking clients across M&T's footprint. Mr. D'Arcy joined M&T Bank in 1995.
Eric Feldstein, Head of Retail & Business Banking
Eric Feldstein leads Retail and Business Banking at M&T Bank, supporting consumers and business owners in the company's communities. He oversees a team that serves approximately 2 million customers across over 900 branches.
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The key risks to M&T Bank (MTB) include exposure to market fluctuations, an evolving regulatory landscape, and intense competition from traditional and non-traditional financial institutions.
- Market Risks: M&T Bank is significantly exposed to market risks, particularly those related to economic downturns, fluctuations in interest rates, and overall financial market volatility. Changes in Federal Reserve policies can directly impact the bank's net interest income and the value of its financial instruments. Recent geopolitical uncertainties and inflationary pressures also pose potential adverse effects on M&T's financial performance.
- Regulatory and Compliance Burdens: As a financial institution, M&T Bank operates within a highly regulated environment. The company is subject to extensive government regulation, which can change significantly due to financial reform initiatives. New capital and liquidity requirements, as well as evolving long-term debt regulations, could impact M&T's operations and financial health. Compliance failures or increased regulatory demands can lead to substantial penalties and restrict the bank's ability to grow and execute its business strategy effectively.
- Competition and Market Disruption: M&T Bank faces intense competition within the financial services industry from other banking institutions, credit unions, and particularly from emerging financial technology (fintech) companies and non-bank lenders. This competitive landscape can challenge M&T's market position and put pressure on margins. The company acknowledges the need to enhance its technological capabilities and expand its product offerings to remain competitive in an evolving digital banking sector.
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One clear emerging threat for M&T Bank comes from the rise of financial technology (fintech) companies and digital-only banks. These agile entities leverage advanced technology to offer specialized, often lower-cost, and more convenient digital-first banking services. They directly compete with M&T Bank's traditional offerings across its segments, including attracting deposits, providing consumer loans, offering small business lending, and processing payments. Examples include digital banks like Chime and Ally Bank, which challenge M&T's retail deposit base, and specialized fintech lenders or payment processors that erode market share in specific lending or cash management services.
Another significant emerging threat is posed by large technology companies (Big Tech) that are increasingly expanding into financial services. Companies such as Apple, Google, and Amazon are leveraging their extensive customer bases, robust data analytics, and integrated ecosystems to offer compelling financial products. These offerings, which include credit cards (e.g., Apple Card), digital payment solutions (e.g., Google Pay), and lending services (e.g., Amazon Lending), pose a direct challenge to M&T Bank's consumer and business banking operations. Big Tech's ability to seamlessly integrate financial services into widely used platforms threatens to capture market share in areas like payments, consumer credit, and potentially wealth management.
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M&T Bank operates in several key financial markets across the United States and Ontario, Canada. The addressable market sizes for its main products and services are outlined below:
United States Market
- Commercial Banking: The US commercial banking market size is estimated at approximately USD 732.5 billion in 2025 and is forecasted to grow to USD 915.45 billion by 2030, with a compound annual growth rate (CAGR) of 4.56%. Another estimate places the market size at USD 765.53 billion in 2026, projected to reach USD 954.48 billion by 2031, growing at a CAGR of 4.51%.
- Retail Banking: The United States retail banking market was valued at approximately USD 870 billion in 2025. It is estimated to grow from USD 906.3 billion in 2026 to reach USD 1,112.2 billion by 2031, at a CAGR of 4.17%.
- Commercial Real Estate Lending: Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was estimated at USD 498 billion in 2024. Commercial and multifamily mortgage originations saw significant increases, jumping 30% in the fourth quarter of 2025 compared to the previous year. As of February 2026, commercial real estate loans by all commercial banks in the U.S. amounted to approximately USD 3.07 trillion, which likely represents outstanding loan volume rather than annual origination.
- Residential Mortgage Banking: The total single-family mortgage origination volume in the U.S. is expected to increase to USD 2.2 trillion in 2026, up from an estimated USD 2.0 trillion in 2025. Breaking this down, purchase originations are forecast to increase to USD 1.46 trillion in 2026, and refinance originations are expected to reach USD 737 billion.
- Wealth Management: The global wealth management market size was valued at USD 1.25 trillion in 2020 and is projected to reach USD 3.43 trillion by 2030, with a CAGR of 10.7%. North America held the largest market share in 2020. Within the U.S., robo-advisors alone were managing over USD 1 trillion in assets as of 2025, with forecasts predicting this figure could approach USD 2 trillion within the next few years.
Canada Market
- Commercial Banking: The market size of Commercial Banking in Canada was approximately USD 488.6 billion in 2025 and is projected to be USD 491.1 billion in 2026. The industry revenue climbed at a CAGR of 18.0% to USD 491.1 billion over the five years leading up to 2026.
- Retail Banking: The Canadian retail banking market generated a revenue of USD 102.1 billion in 2024 and is expected to reach USD 174.1 billion by 2033, growing at a CAGR of 6.1% from 2025 to 2033. Another estimate indicates the market is expected to grow from USD 123.0 billion in 2025 to USD 161.5 billion in 2033, at a CAGR of 3.5%.
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M&T Bank (NYSE: MTB) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Net Interest Income (NII) Expansion and Net Interest Margin (NIM) Management: The bank has demonstrated growth in net interest income and net interest margin, with projections for continued NII expansion in 2026, even amidst anticipated interest rate adjustments. This growth is underpinned by effective interest rate management and a focus on expanding its loan portfolio.
- Broad-Based Loan Growth: M&T Bank anticipates growth in its average loan balances over the next two to three years. This includes a strategic emphasis on increasing non-Commercial Real Estate (CRE) loans and an expected return to growth within its CRE loan portfolio in 2026.
- Growth in Fee Income: The company projects broad-based growth across its various fee income categories and business lines. This noninterest income, which includes contributions from areas such as capital markets and off-balance sheet commercial real estate services, is expected to be a significant revenue driver.
- Strategic Geographic Expansion and Cross-Selling Opportunities: Building on the successful acquisition of People's United Financial in 2022, M&T Bank is focused on deepening its presence in the New England and Long Island markets. This expansion aims to leverage cross-selling commercial products to both new and existing customers, as well as selectively pursuing smaller, strategic acquisitions to further enhance fee-generating operations.
- Investments in Technology and Innovation: M&T Bank is significantly increasing its investments in technology, with a focus on integrating tech as a core business component to enhance customer service, improve operational efficiency, and streamline processes using tools like artificial intelligence. These investments are designed to meet evolving customer needs and maintain a competitive edge.
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Share Repurchases
- M&T Bank authorized a new $4.0 billion share repurchase program effective January 22, 2025, which replaced the prior $3.0 billion authorization from July 2022.
- In July 2022, the company had authorized a $3.0 billion share repurchase program, succeeding an $800 million program from January 2021 that was reauthorized in February 2022. However, no repurchases were made in 2021 following the announcement of the People's United merger.
- In 2025, M&T Bank repurchased 2.7 million shares for $507 million in the fourth quarter, 2.1 million shares for $409 million in the third quarter, and 1.0 million shares for $200 million in the fourth quarter of 2024. Overall, M&T repurchased 9% of its outstanding shares in 2025.
Share Issuance
- M&T Bank's acquisition of People's United Financial, Inc. in April 2022 was an all-stock transaction. People's United shareholders received 0.118 of a share of M&T common stock for each of their shares, resulting in them collectively owning approximately 28% of the combined company.
- In late 2025, M&T Bank Corporation issued a new 6.35% non-cumulative preferred stock, Series K (MTB.PR.K), raising gross proceeds of $450 million through the issuance of 18 million depositary shares.
Outbound Investments
- In April 2022, M&T Bank successfully completed its acquisition of People's United Financial, Inc., a deal valued at $8.3 billion. This acquisition significantly expanded M&T's presence across 12 states from Maine to Virginia and Washington, D.C.
- As part of the People's United acquisition, M&T Bank committed to a five-year community growth plan, pledging $43 billion in loan investments and other financial support for low-to-moderate income communities.
Capital Expenditures
- M&T Bank has significantly increased its investment in technology, with spending tripling from $400 million to $1.2 billion by 2025, to integrate technology as a core business component.
- The company is prioritizing "operational excellence" which includes investments to streamline processes and enhance customer service, partly through the use of AI.
Peer Outperformance in Regional Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MTB | M&T Bank | 0.9% | 10.7x | 25.0% | 98.8% | 63.1% | — |
| FBP | First BanCorp | 2.9% | 10.8x | 37.9% | 101.7% | 120.7% | +58pp |
| OFG | OFG Bancorp | 4.5% | 9.8x | 34.8% | 74.7% | 119.3% | +56pp |
| BPOP | Popular | 2.8% | 10.3x | 42.8% | 144.1% | 117.4% | +54pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 35.2% | 72.0% | 118.9% | SPNT 161% · RGA 140% · RNR 136% |
| Diversified Banks | 12 | 31.5% | 140.5% | 88.8% | CM 139% · RY 128% · JPM 124% |
| Investment Banking & Brokerage | 13 | -2.7% | 90.2% | 82.6% | IBKR 321% · SNEX 164% · GS 142% |
| Multi-Sector Holdings | 4 | 17.1% | 58.2% | 79.6% | BRK-B 93% · VOYA 66% · JEF 35% |
| Life & Health Insurance | 20 | 16.2% | 49.9% | 74.4% | JXN 538% · UNM 301% · FG 186% |
| Property & Casualty Insurance | 42 | 22.7% | 71.8% | 65.8% | TRV 171% · PGR 169% · ACGL 162% |
| Multi-line Insurance | 9 | 10.6% | 66.6% | 53.7% | GNW 108% · L 95% · AIZ 95% |
| Regional Banks ← | 264 | 31.7% | 87.7% | 47.4% | CBC 263% · FCNCA 177% · NIC 138% |
| Financial Exchanges & Data | 15 | 19.6% | 33.5% | 33.1% | CBOE 173% · VIRT 120% · CME 70% |
| Insurance Brokers | 15 | 5.7% | 10.6% | 27.8% | LIFE 364% · ARX 89% · AJG 79% |
| Asset Management & Custody Banks | 85 | -7.4% | 19.4% | 9.1% | VCTR 257% · WT 217% · AAMI 195% |
| Diversified Financial Services | 4 | -2.5% | 20.9% | 3.9% | FRHC 167% · EQH 81% |
| Consumer Finance | 30 | 6.5% | 73.5% | 2.1% | ENVA 390% · FCFS 138% · AXP 101% |
| Commercial & Residential Mortgage Finance | 14 | -49.9% | 18.2% | -2.2% | FNMA 457% · FMCC 405% · ACT 155% |
| Specialized Finance | 3 | 5.2% | 28.7% | -22.4% | HASI -22% · CACC -29% |
| Transaction & Payment Processing Services | 17 | 11.0% | 16.3% | -25.2% | V 110% · MA 102% · CPAY 68% |
| Mortgage REITs | 35 | -19.7% | -8.4% | -36.2% | RITM 32% · DX 15% · AGNC 8% |
| Diversified Capital Markets | 20 | -49.7% | 5.2% | -64.9% | LPLA 76% · TW 38% · WULF -57% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 59.40 |
| Mkt Cap | 32.2 |
| Rev LTM | 10,082 |
| Op Inc LTM | - |
| FCF LTM | 2,908 |
| FCF 3Y Avg | 2,814 |
| CFO LTM | 3,506 |
| CFO 3Y Avg | 3,125 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.5% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 11.6% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 31.4% |
| CFO/Rev 3Y Avg | 30.7% |
| FCF/Rev LTM | 27.9% |
| FCF/Rev 3Y Avg | 29.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail Bank | 4,868 | 5,098 | 5,114 | 3,711 | 2,760 |
| Commercial Bank | 2,947 | 2,884 | 3,067 | 2,890 | 2,067 |
| Institutional Services and Wealth Management | 1,562 | 1,557 | 1,705 | 1,410 | 922 |
| All Other | 313 | -260 | -243 | 168 | 243 |
| Total | 9,690 | 9,279 | 9,643 | 8,179 | 5,992 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2009 |
|---|---|---|---|---|---|
| Commercial Bank | 730 | 697 | 656 | 729 | 406 |
| Commercial Real Estate | 540 | 449 | 480 | 469 | 218 |
| Retail Bank | 451 | 202 | 342 | 405 | 400 |
| Business Banking | 167 | 203 | 188 | 249 | 209 |
| Residential Mortgage Banking | 144 | 154 | 210 | 267 | -30 |
| Discretionary Portfolio | 56 | 50 | 17 | -85 | -79 |
| All Other | -413 | -133 | 28 | -277 | -606 |
| Total | 1,675 | 1,623 | 1,921 | 1,757 | 519 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail Bank | 1,442 | 1,716 | 1,838 | 1,039 | 765 |
| Commercial Bank | 904 | 871 | 1,039 | 1,242 | 813 |
| Institutional Services and Wealth Management | 502 | 535 | 620 | 402 | 107 |
| All Other | 3 | -534 | -756 | -691 | 174 |
| Total | 2,851 | 2,588 | 2,741 | 1,992 | 1,859 |
| $ Mil | 2023 | 2021 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Commercial Bank | 80,243 | 53,578 | 12,688 | 11,723 | 10,946 |
| All Other | 70,266 | 52,095 | 4,998 | 4,916 | 5,227 |
| Retail Bank | 51,213 | 43,736 | 14,107 | 14,639 | 14,739 |
| Institutional Services and Wealth Management | 3,675 | 3,260 | |||
| Commercial Real Estate | 8,448 | 8,335 | 7,868 | ||
| Discretionary Portfolio | 12,136 | 11,810 | 10,936 | ||
| Residential Mortgage Banking | 3,462 | 2,712 | 1,801 | ||
| Total | 205,397 | 152,669 | 55,839 | 54,135 | 51,517 |
Price Behavior
| Market Price | $222.07 | |
| Market Cap ($ Bil) | 32.4 | |
| First Trading Date | 10/04/1991 | |
| Distance from 52W High | -12.0% | |
| 50 Days | 200 Days | |
| DMA Price | $225.38 | $223.17 |
| DMA Trend | down | up |
| Distance from DMA | -1.5% | -0.5% |
| 3M | 1YR | |
| Volatility | 17.9% | 21.2% |
| Downside Capture | 93.61 | 56.48 |
| Upside Capture | 34.77 | 77.18 |
| Correlation (S&P 500) | 31.4% | 35.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.40 | 0.61 | 0.67 | 0.40 | 0.59 | 0.87 |
| Up Beta | -0.78 | -0.16 | 0.63 | -0.16 | 0.43 | 0.89 |
| Down Beta | 0.70 | 0.27 | 0.51 | 0.29 | 0.44 | 0.91 |
| Up Capture | 50% | 67% | 42% | 55% | 71% | 71% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 18 | 28 | 64 | 131 | 391 |
| Down Capture | 23% | 101% | 109% | 63% | 69% | 92% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 25 | 36 | 62 | 120 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTB | |
|---|---|---|---|---|
| MTB | 24.3% | 21.2% | 0.92 | - |
| Sector ETF (XLF) | 10.6% | 14.6% | 0.46 | 67.9% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 35.2% |
| Gold (GLD) | -2.4% | 28.6% | -0.10 | 9.9% |
| Commodities (DBC) | 42.0% | 20.9% | 1.56 | -20.8% |
| Real Estate (VNQ) | 10.6% | 13.7% | 0.48 | 42.5% |
| Bitcoin (BTCUSD) | -29.9% | 43.5% | -0.70 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTB | |
|---|---|---|---|---|
| MTB | 10.8% | 29.7% | 0.37 | - |
| Sector ETF (XLF) | 8.9% | 18.3% | 0.35 | 72.5% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 51.5% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | -1.2% |
| Commodities (DBC) | 8.3% | 19.6% | 0.31 | 8.9% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 48.2% |
| Bitcoin (BTCUSD) | 5.0% | 51.5% | 0.28 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTB | |
|---|---|---|---|---|
| MTB | 9.5% | 32.7% | 0.35 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.54 | 79.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.71 | 57.5% |
| Gold (GLD) | 11.5% | 16.5% | 0.57 | -6.9% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 19.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 51.4% |
| Bitcoin (BTCUSD) | 61.1% | 66.2% | 1.01 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/27/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2026 | -1.5% | 1.9% | |
| 7/15/2026 | 2.8% | 2.8% | 4.8% |
| 4/15/2026 | -1.5% | -0.7% | -7.5% |
| 1/16/2026 | -0.3% | 0.9% | 9.2% |
| 10/16/2025 | -3.5% | -1.6% | 0.7% |
| 7/16/2025 | -2.4% | -0.3% | -2.1% |
| 4/14/2025 | 0.3% | -0.7% | 18.1% |
| 1/16/2025 | 0.3% | 1.5% | 2.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 17 |
| # Negative | 13 | 10 | 7 |
| Median Positive | 1.9% | 1.9% | 6.0% |
| Median Negative | -1.5% | -2.2% | -4.8% |
| Max Positive | 5.0% | 6.9% | 18.1% |
| Max Negative | -3.8% | -10.7% | -10.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2026 | -1.5% | 1.9% | |
| 7/15/2026 | 2.8% | 2.8% | 4.8% |
| 4/15/2026 | -1.5% | -0.7% | -7.5% |
| 1/16/2026 | -0.3% | 0.9% | 9.2% |
| 10/16/2025 | -3.5% | -1.6% | 0.7% |
| 7/16/2025 | -2.4% | -0.3% | -2.1% |
| 4/14/2025 | 0.3% | -0.7% | 18.1% |
| 1/16/2025 | 0.3% | 1.5% | 2.3% |
| 10/17/2024 | 5.0% | 2.4% | 12.6% |
| 7/18/2024 | 1.7% | 4.3% | -1.9% |
| 4/15/2024 | 4.7% | 6.6% | 14.3% |
| 1/18/2024 | 4.9% | 6.9% | 4.1% |
| 10/18/2023 | -2.5% | -10.7% | 0.7% |
| 7/19/2023 | 2.5% | 2.3% | -4.8% |
| 4/17/2023 | 0.1% | -0.9% | -10.1% |
| 1/19/2023 | -0.1% | 0.8% | 4.0% |
| 10/19/2022 | -1.0% | 1.2% | 3.0% |
| 7/20/2022 | 2.2% | 4.5% | 15.5% |
| 4/20/2022 | 0.8% | -2.9% | -7.6% |
| 1/20/2022 | -3.8% | 1.5% | 9.6% |
| 10/20/2021 | -0.4% | -7.0% | -0.6% |
| 7/21/2021 | -3.1% | 1.1% | 1.2% |
| 4/19/2021 | -3.4% | 0.4% | 6.0% |
| 1/21/2021 | -0.9% | -5.0% | 7.4% |
| 10/22/2020 | 1.4% | -4.9% | 12.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 17 |
| # Negative | 13 | 10 | 7 |
| Median Positive | 1.9% | 1.9% | 6.0% |
| Median Negative | -1.5% | -2.2% | -4.8% |
| Max Positive | 5.0% | 6.9% | 18.1% |
| Max Negative | -3.8% | -10.7% | -10.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Insider Activity
Updated 10/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pearson, Kevin J | Vice Chairman | Direct | Sell | 10202026 | 220.75 | 2,000 | 441,500 | 9,295,120 | Form |
| 2 | Jones, Rene F | Chairman of the Board and CEO | Direct | Sell | 9162026 | 239.35 | 19,396 | 4,642,433 | 24,851,900 | Form |
| 3 | Seseri, Rudina | Direct | Sell | 8252026 | 241.04 | 623 | 150,171 | 879,564 | Form | |
| 4 | Taylor, John R | EVP and Controller | Direct | Sell | 8192026 | 253.84 | 1,217 | 308,923 | 777,358 | Form |
| 5 | Walters, Kirk W | 401(k) Plan | Sell | 8072026 | 253.77 | 9 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pearson, Kevin J | Vice Chairman | Direct | Sell | 10202026 | 220.75 | 2,000 | 441,500 | 9,295,120 | Form |
| 2 | Jones, Rene F | Chairman of the Board and CEO | Direct | Sell | 9162026 | 239.35 | 19,396 | 4,642,433 | 24,851,900 | Form |
| 3 | Seseri, Rudina | Direct | Sell | 8252026 | 241.04 | 623 | 150,171 | 879,564 | Form | |
| 4 | Taylor, John R | EVP and Controller | Direct | Sell | 8192026 | 253.84 | 1,217 | 308,923 | 777,358 | Form |
| 5 | Walters, Kirk W | 401(k) Plan | Sell | 8072026 | 253.77 | 9 | Form | |||
| 6 | Ledgett, Richard H JR | Direct | Sell | 8042026 | 248.16 | 855 | 212,178 | 1,163,875 | Form | |
| 7 | Pearson, Kevin J | Vice Chairman | Direct | Sell | 7162026 | 242.00 | 2,000 | 484,000 | 10,673,894 | Form |
| 8 | Woodrow, Tracy S | Sr. Executive Vice President | Direct | Sell | 7062026 | 242.00 | 881 | 213,202 | 2,325,136 | Form |
| 9 | Taylor, John R | EVP and Controller | Direct | Sell | 6172026 | 233.23 | 1,098 | 256,087 | 998,083 | Form |
| 10 | Pearson, Kevin J | Vice Chairman | Direct | Sell | 6112026 | 225.50 | 23,358 | 5,267,277 | 10,397,223 | Form |
| 11 | Pearson, Kevin J | Vice Chairman | Direct | Sell | 6082026 | 220.00 | 2,000 | 440,000 | 10,143,540 | Form |
| 12 | Kay, Christopher E | Sr. Executive Vice President | Direct | Sell | 5112026 | 216.50 | 3,105 | 672,232 | 1,462,024 | Form |
| 13 | Wisler, Michael A | Sr. Executive Vice President | Direct | Sell | 3022026 | 223.48 | 8,237 | 1,840,810 | 1,037,728 | Form |
| 14 | Barnes, John P | Direct | Sell | 2112026 | 235.85 | 21,193 | 4,998,369 | 3,571,241 | Form | |
| 15 | Walters, Kirk W | Direct | Sell | 2052026 | 227.37 | 909 | 206,676 | 1,358,743 | Form | |
| 16 | Taylor, John R | EVP and Controller | Direct | Sell | 2032026 | 225.34 | 704 | 158,638 | 1,120,467 | Form |
| 17 | Geisel, Gary N | Direct | Sell | 1302026 | 215.79 | 887 | 191,369 | 3,548,870 | Form | |
| 18 | Barnes, John P | John P. Barnes Living Trust | Sell | 1232026 | 220.81 | 17,866 | Form | |||
| 19 | Kay, Christopher E | Sr. Executive Vice President | Direct | Sell | 12012025 | 191.70 | 5,250 | 1,006,417 | 1,054,533 | Form |
| 20 | Sadler, Robert E JR | Wife | Sell | 11262025 | 190.06 | 6,000 | 1,140,377 | 3,244,374 | Form |
Investor Activity (13F)
Updated Nov 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
M&T Bank — Investor Video Playlist
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