M&T Bank dividend: payout and yield
M&T Bank pays $1.50 each quarter, or $6.00 a year, and M&T Bank's dividend rose from $4.50 in 2021 to $5.70 in 2025. M&T Bank's payout was 33.4% of 2025 common earnings, and M&T Bank's earnings funded dividends, buybacks and retained capital; the dividend depends on earnings after credit costs and funding expenses.
How much does M&T Bank pay per share?
The dividend starts at $6.00, matching the current $1.50 quarterly rate. The base case raises it to $6.24 and then $6.48, consistent with a history of increases from $4.50 in 2021 to $5.70 in 2025. The bear case ends at $5.40, while the bull case reaches $6.96. The payout was 33.4% of 2025 common earnings, leaving room for growth, but the board retains discretion and capital has weakened.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 17.00 | 14.64 | 15.79 | 11.53 | 13.80 |
| − Dividends, per share | 5.67 | 5.37 | 5.22 | 4.80 | 4.53 |
| = Kept, per share | 6.90 | 7.01 | 9.26 |
What this means. In 2025, the company paid shareholders more through dividends and share buybacks than it earned, so it paid out 5.24 dollars more per share than its profit.
Does M&T Bank's cash cover its dividend?
Dividends pay shareholders cash. Buybacks use company cash to retire shares, which can raise earnings per share by leaving profits spread across fewer owners. But both choices reduce the capital available for future lending, acquisitions or losses. M&T’s payouts were restrained in some years and exceeded common earnings in others, so the difference came from capital accumulated earlier.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 2,851 | 2,588 | 2,741 | 1,992 | 1,859 |
| = Earnings for common shareholders | 2,699 | 2,449 | 2,636 | 1,891 | 1,777 |
| − Dividends declared on common shares | 900 | 899 | 871 | 787 | 584 |
| − Share buybacks | 2,631 | 396 | 594 | 1,800 | 0 |
| = Kept to grow and build capital | 1,154 | 1,171 | 1,193 | ||
| = Paid out more than it earned | 832 | 696 |
What this means. The company's dividend payout ratio is lower than our paid-out percentage because its number counts only dividends, while ours also counts share buybacks.
What could change M&T Bank's dividend?
The bear case would gain weight during 2027 and 2028 if deposit costs stayed high while assets repriced slowly, pushing net interest income and EPS lower. From 2027 through 2029, broader office or assisted-living losses would raise provisions and weaken CET1. Capital pressure in 2028 and 2029 would then limit buybacks and compress the valuation multiple.
What is M&T Bank's dividend yield today?
| Today (Oct 17, 2026) | |
|---|---|
| Share price | 215.16 |
| Market value (calculated) | 30,920.213 |
| Dividend yield (calculated) | 2.8% |
What this means. The next-year price-to-earnings number uses analysts’ expected profit, not profit the company has already earned.