Analyst Consensus ?
ConsensusHold48 ratings
Bullish1429.2%
Neutral3062.5%
Bearish48.3%
M&T Bank Corporation · MTB · FY2026 Q2 · Calendar Q3 2026
M&T Bank Posts Record EPS on Loan Growth and Fee Income Strength
M&T Bank delivered a record Q2 2026, with diluted EPS of $5.35 beating consensus by 14.8% and revenue of $2.53 billion exceeding estimates by 2.8%. The loan portfolio expanded to $141.4 billion as CRE balances rebounded for the first time since 2021, and fee income reached a new high driven by sub-servicing and wealth management. Asset quality continued to improve with net charge-offs falling to 23 basis points, while the CET1 ratio remained strong at approximately 10.2%. Management maintained full-year NII guidance of $7.2-$7.35 billion and introduced two growth initiatives: a CRE Warehouse platform blending balance-sheet and off-balance-sheet origination, and an expanded sub-servicing operation expected to add roughly $35 million in H2 revenue. The stock rose 2.8% on volume 1.8x the baseline.
Reported Before market openNYSEFinancial Services
$36.28B market cap
100quality score
Company context
Snapshot as of publicationM&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 securities, residential real estate loans, and other assets, while also managing short- and long-term borrowed funds and foreign exchange operations.…
Earnings scorecard
Reported versus consensus
Reported EPS
$5.35
Consensus $5
EPS surprise
+14.8%
Reported versus consensus
Reported revenue
$2.53B
Consensus $2.46B
Revenue surprise
+2.8%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$250.33Previous close
$153Low
$232.76Average
$300High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Jul 21, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Jul 16, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 16, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 16, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 16, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 15, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 7, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Jan 16, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 7, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Jan 7, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 2, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 15, 2025 |
| Compass Point | Neutral | Neutral | Maintain | Dec 10, 2024 |
| Goldman Sachs | Neutral | Neutral | Maintain | Nov 26, 2024 |
| Wedbush | Outperform | Outperform | Maintain | Sep 24, 2024 |
| Deutsche Bank | Hold | Buy | Downgrade | Dec 18, 2023 |
| Odeon Capital | Hold | Buy | Downgrade | Sep 29, 2023 |
| Argus Research | Buy | Hold | Upgrade | Apr 18, 2023 |
| CFRA | Hold | Hold | Maintain | Apr 21, 2020 |
| Nomura | Neutral | Neutral | Maintain | Apr 7, 2020 |
| Citi | Neutral | Sell | Upgrade | Oct 8, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Jul 22, 2019 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Jul 19, 2019 |
| PiperJaffray | Overweight | Neutral | Upgrade | Oct 22, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Jun 27, 2018 |
| Macquarie | Underperform | Neutral | Downgrade | Aug 4, 2017 |
| Bank of America | Underperform | Neutral | Downgrade | Dec 15, 2016 |
| CLSA | Outperform | Outperform | Maintain | Sep 23, 2016 |
| Portales Partners | Sector Perform | Outperform | Downgrade | Apr 21, 2016 |
| Argus | Hold | Hold | Maintain | Mar 29, 2016 |
| Credit Suisse | Buy | Buy | Maintain | Mar 10, 2016 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jan 21, 2016 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Oct 8, 2015 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 8, 2015 |
| Raymond James | Underperform | Market Perform | Downgrade | Dec 10, 2014 |
| Rafferty Capital | Hold | Sell | Upgrade | Mar 7, 2014 |
| Rafferty | Hold | Sell | Upgrade | Mar 7, 2014 |
| ISI Group | Buy | Buy | Maintain | Oct 7, 2013 |
| FBR Capital | Market Perform | Market Perform | Maintain | Aug 2, 2013 |
| Sandler O'Neill | Hold | Buy | Downgrade | Jul 18, 2013 |
| Guggenheim | Neutral | Neutral | Maintain | May 21, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 17, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $250.33. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $280 | $252.02 | +11.9% | Jul 29, 2026 |
| Deutsche Bank | Analyst unavailable | $250 | $250.73 | -0.1% | Jul 23, 2026 |
| Truist Financial | Analyst unavailable | $268 | $249.44 | +7.1% | Jul 21, 2026 |
| D.A. Davidson | Analyst unavailable | $266 | $252.07 | +6.3% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $255 | $248.53 | +1.9% | Jul 16, 2026 |
| Robert W. Baird | Analyst unavailable | $250 | $248.53 | -0.1% | Jul 16, 2026 |
| Wells Fargo | Analyst unavailable | $224 | $248.53 | -10.5% | Jul 16, 2026 |
| Barclays | Analyst unavailable | $267 | $248.53 | +6.7% | Jul 16, 2026 |
| Jefferies | Analyst unavailable | $300 | $248.53 | +19.8% | Jul 15, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $262 | $241.85 | +4.7% | Jul 15, 2026 |
| UBS | Analyst unavailable | $252 | $241.18 | +0.7% | Jul 7, 2026 |
| Evercore ISI | Analyst unavailable | $260 | $239.37 | +3.9% | Jul 6, 2026 |
| Wells Fargo | Mike Mayo | $215 | $238.88 | -14.1% | Jul 6, 2026 |
| Robert W. Baird | David George | $240 | $238.88 | -4.1% | Jul 6, 2026 |
| Morgan Stanley | Analyst unavailable | $253 | $236.99 | +1.1% | Jun 29, 2026 |
| Cantor Fitzgerald | Dave Rochester | $253 | $216.95 | +1.1% | Apr 17, 2026 |
| UBS | Analyst unavailable | $235 | $217.57 | -6.1% | Apr 16, 2026 |
| RBC Capital | Gerard Cassidy | $225 | $217.1 | -10.1% | Apr 16, 2026 |
| Truist Financial | Analyst unavailable | $230 | $212.28 | -8.1% | Jan 20, 2026 |
| RBC Capital | Gerard Cassidy | $220 | $212.28 | -12.1% | Jan 20, 2026 |
| Jefferies | Analyst unavailable | $255 | $211.38 | +1.9% | Jan 16, 2026 |
| Goldman Sachs | Ryan Nash | $230 | $208.82 | -8.1% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $236 | $204.04 | -5.7% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $217 | $179.79 | -13.3% | Oct 17, 2025 |
| UBS | Erika Najarian | $208 | $189.94 | -16.9% | Oct 7, 2025 |
| Piper Sandler | Analyst unavailable | $225 | $194.56 | -10.1% | Oct 6, 2025 |
| Evercore ISI | John Pancari | $225 | $198.3 | -10.1% | Sep 30, 2025 |
| Morgan Stanley | Manan Gosalia | $251 | $200.14 | +0.3% | Sep 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $228 | $199.8 | -8.9% | Sep 9, 2025 |
| Jefferies | David Chiaverini | $225 | $185.74 | -10.1% | May 20, 2025 |
| Truist Financial | Analyst unavailable | $225 | $157.02 | -10.1% | Apr 4, 2025 |
| Piper Sandler | Frank Schiraldi | $243 | $221.29 | -2.9% | Nov 27, 2024 |
| D.A. Davidson | Peter Winter | $207 | $197.55 | -17.3% | Oct 21, 2024 |
| Goldman Sachs | Ryan Nash | $216 | $197.77 | -13.7% | Oct 18, 2024 |
| RBC Capital | Gerald Cassidy | $208 | $198.87 | -16.9% | Oct 18, 2024 |
| Barclays | Jason Goldberg | $228 | $198.87 | -8.9% | Oct 18, 2024 |
| Wells Fargo | Mike Mayo | $165 | $189.35 | -34.1% | Oct 17, 2024 |
| Wolfe Research | Bill Carcache | $210 | $176.7 | -16.1% | Oct 4, 2024 |
| Evercore ISI | John Pancari | $210 | $172.72 | -16.1% | Oct 2, 2024 |
| Wedbush | David Chiaverini | $210 | $177.62 | -16.1% | Sep 24, 2024 |
| Piper Sandler | Frank Schiraldi | $190 | $165.25 | -24.1% | Jul 22, 2024 |
| D.A. Davidson | Peter Winter | $185 | $169.11 | -26.1% | Jul 19, 2024 |
| Piper Sandler | Frank Schiraldi | $164 | $140.83 | -34.5% | Jun 12, 2024 |
| Jefferies | Ken Usdin | $160 | $148.52 | -36.1% | Jun 4, 2024 |
| Wells Fargo | Mike Mayo | $150 | $140.94 | -40.1% | Apr 16, 2024 |
| Piper Sandler | Frank Schiraldi | $152 | $134.56 | -39.3% | Apr 15, 2024 |
| Wedbush | Matt Bryson | $250 | $139.39 | -0.1% | Jan 22, 2024 |
| Barclays | Analyst unavailable | $194 | $145.06 | -22.5% | Jan 3, 2023 |
| D.A. Davidson | Analyst unavailable | $160 | $142.28 | -36.1% | Dec 21, 2022 |
| Morgan Stanley | Analyst unavailable | $225 | $139.12 | -10.1% | Dec 16, 2022 |
| J.P. Morgan | Analyst unavailable | $153 | $146.1 | -38.9% | Dec 13, 2022 |
| Wells Fargo | Analyst unavailable | $165 | $148.96 | -34.1% | Dec 8, 2022 |
| Morgan Stanley | Analyst unavailable | $235 | $169.1 | -6.1% | Dec 5, 2022 |
| Barclays | Analyst unavailable | $238 | $166.1 | -4.9% | Jul 21, 2022 |
| Morgan Stanley | Analyst unavailable | $222 | $167.78 | -11.3% | Jul 21, 2022 |
| Morgan Stanley | Analyst unavailable | $203 | $158.8 | -18.9% | Jul 12, 2022 |
| Jefferies | Ken Usdin | $175 | $158.4 | -30.1% | Jul 11, 2022 |
| J.P. Morgan | Analyst unavailable | $195 | $155.92 | -22.1% | Jul 1, 2022 |
| Wells Fargo | Analyst unavailable | $175 | $158.67 | -30.1% | Jul 1, 2022 |
| Wolfe Research | Analyst unavailable | $187 | $173.66 | -25.3% | May 26, 2022 |
| Morgan Stanley | Analyst unavailable | $238 | $178.81 | -4.9% | Apr 21, 2022 |
| Wells Fargo | Analyst unavailable | $195 | $176.34 | -22.1% | Apr 21, 2022 |
| RBC Capital | Gerard Cassidy | $190 | $159.01 | -24.1% | Jan 21, 2022 |
| UBS | Erika Najarian | $212 | $178.3 | -15.3% | Jan 12, 2022 |
| Barclays | Jason Goldberg | $195 | $157.16 | -22.1% | Jan 3, 2022 |
| Bank of America Securities | Ebrahim Poonawala | $193 | $151.49 | -22.9% | Oct 8, 2021 |
| Evercore ISI | John Pancari | $142 | $130.85 | -43.3% | Jul 30, 2021 |
Track every rating change on MTB the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.8%
Event window
SPY move
+0.4%
Same window
Abnormal move
+2.4%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+0.7%
Up to 20 sessions
MTBSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared with Q1 2026, the bullish score rose from 70 to 78, driven by the first CRE balance rebound since 2021 and the launch of a new CRE Warehouse business model. NIM, which had expanded 2 basis points in Q1, held steady at 3.70% despite loan growth, reflecting deposit pricing discipline as higher-cost money-market funds were replaced with lower-cost time deposits. Sub-servicing, previously guided at a $30-40 million annual run rate, is now expected to contribute approximately $35 million in H2 alone, suggesting a faster ramp than initially communicated. The CET1 target was refined to 10-10.5% from the prior 'toward 10%' language, and capex outlook shifted to 'increasing' on technology and cybersecurity investments.
Guidance delta
Full-year guidance was maintained for the second consecutive quarter: NII at $7.2-$7.35 billion and NIM in the high 3.60% range. The CET1 target range was slightly refined to 10-10.5% from the prior quarter's 'toward 10%' language. Management acknowledged potential for modest NIM compression ahead, a subtle tonal shift from Q1's 2-basis-point margin expansion. Sub-servicing revenue expectations were sharpened with a specific H2 contribution target of approximately $35 million. Capex outlook moved to 'increasing' from 'not mentioned' in Q1, driven by technology and cybersecurity investments.
Key takeaways
- Record diluted EPS of $5.35 beat consensus by 14.8%; revenue of $2.53 billion beat by 2.8%.
- Loan portfolio reached $141.4 billion, with CRE balances rebounding for the first time since 2021.
- Fee income set a new record, supported by sub-servicing expansion and wealth management cross-sell.
- Net charge-offs declined to 23 basis points, reflecting continued asset quality improvement.
- CET1 ratio held at approximately 10.2%, with buybacks continuing alongside loan-driven RWA growth.
- New CRE Warehouse platform launched, blending balance-sheet and off-balance-sheet origination.
Management priorities
- Scale CRE Warehouse and other off-balance-sheet CRE financing platforms
- Increase sub-servicing volume to add approximately $35 million in H2 revenue
- Continue technology and cybersecurity investments
- Maintain share repurchases while targeting CET1 of 10-10.5%
Related earnings events
Financial ServicesHIG · FY2026 Q2 · Calendar Q3 2026The Hartford Beats on Q2 Core Earnings, Divests Hartford Funds, Expands Buyback to $4.2BAXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedHBAN · FY2026 Q2 · Calendar Q3 2026Huntington Bancshares Q2 2026: Strong Organic Growth, EPS Miss on Deposit Cost Pressure
Sources
- Earnings call transcript and parsed analysis · 2026-07-15T19:03:02.890866+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T07:33:16.358820+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T07:33:16.356063+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.