M&T Records Another Solid Quarter, but Stock Is Fairly Valued
We are maintaining our $115 fair value estimate for narrow-moat M&T Bank following its third-quarter earnings report. The firm generated a 1.18% return on average tangible assets and a 12.77% return on average tangible common equity, supporting our moat rating. Efficiency was once again a strong point for the firm, with noninterest expenses consuming less than 56% of revenue despite significant increases in the expense base, thanks to the bank’s acquisition of Hudson City. Credit quality al...M&T Bank is a bank holding company. Through its subsidiaries, the company provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. Banking activities are primarily focused on consumers residing in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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