M&T Bank Doing Fine, But Also As Expected

Buying quality can be a frustrating exercise, as M&T Bank (MTB) shares have shown over the last couple of years. Fairly regarded as a conservatively-run, high-quality bank, M&T Bank’s share price performance hasn’t really stood out as exceptional over the last year or two. I do believe there could be more separation from the pack when the economy slows further, though, and there’s another reckoning as to which banks did the best job of managing their credit exposures. As is, the shares look somewhat undervalued, more so in terms of the multiple to tangible book than on a discounted earnings basis, but JPMorgan (JPM), PNC (PNC), BB&T (BBT), and U.S. Bancorp (USB) offer similar or better prospective returns.

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M&T Bank Doing Fine, But Also As Expected