M&T Reports Steady Income Growth, but Valuation Still Seems Rich
M&T Bank generated a return on assets of 1.2% during the first nine months of 2017, benefiting from a 48-basis-point expansion of net interest margin during the past year and exceptionally low charge-off levels—the bank wrote off just 11 basis points of average loans outstanding during the third quarter. However, with the stock trading well above our $133 fair value estimate, which represents 15 times annualized third-quarter earnings and 1.9 times tangible book value per share, we believe M...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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