M&T Bank: Strong Q3 Performance and Growth Prospects Justify Buy Rating

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Analyst Ebrahim Poonawala of Bank of America Securities reiterated a Buy rating on M&T Bank (MTB – Research Report), boosting the price target to $218.00.

Ebrahim Poonawala has given his Buy rating due to a combination of factors including M&T Bank’s strong third-quarter earnings performance, which surpassed both Bank of America’s and consensus estimates. This outperformance was largely driven by lower credit provisioning costs and a modest increase in net interest income and fees. The bank’s guidance for the fourth quarter and share buybacks aligns with both Bank of America’s and consensus forecasts, suggesting a stable outlook. M&T Bank’s stock is trading at a premium compared to its peers, attributed to its strong capital position and potential for loan growth. The bank has demonstrated superior loan growth, especially in the commercial and industrial and consumer segments, leading to expectations of continued net interest income growth. Additionally, its robust capital ratio offers flexibility for future growth opportunities and share buybacks, reinforcing the Buy rating.

Poonawala covers the Financial sector, focusing on stocks such as Goldman Sachs Group, Fifth Third Bancorp, and US Bancorp. According to TipRanks, Poonawala has an average return of 12.9% and a 69.51% success rate on recommended stocks.

In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $208.00 price target.

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M&T Bank (MTB) Company Description:

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking. The Business Banking segment provides services to small businesses and professionals through the company’s branch network, business banking centres and other delivery channels such as telephone banking, Internet banking and automated teller machines. The Commercial Banking segment offers credit products and banking services for middle-market and large commercial customers. The Commercial Real Estate segment includes credit and deposit services to its customers. The Discretionary Portfolio segment consists of investment and trading securities, residential mortgage loans and other assets, short-term and long-term borrowed funds, brokered certificates of deposit and interest rate swap agreements related thereto, and Cayman Islands branch deposits. The Residential Mortgage Banking segment comprises of residential mortgage loans and sells substantially all of those loans in the secondary market to investors. The Retail Banking segment offers services to consumers through several delivery channels which include branch offices, automated teller machines, telephone banking, and Internet banking. The company was founded on August 30, 1856 and is headquartered in Buffalo, NY.

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M&T Bank: Strong Q3 Performance and Growth Prospects Justify Buy Rating

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