Sifting through countless of stocks in the Banks industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in M&T Bank Corporation or Old National Bancorp because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how M&T Bank Corporation and Old National Bancorp compare based on key financial metrics to determine which better meets your investment needs.

About M&T Bank Corporation and Old National Bancorp

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management. It offers a range of credit products and banking services, such as commercial lending and leasing, letters of credits, deposit products, cash management services, commercial real estate loans, and credit facilities secured by various commercial real estate properties to middle-market and large commercial customers. The company also provides customers deposit products, including demand, savings and time accounts, and other services; automobile and recreational finance loans, home equity loans and lines of credit, credit cards, and other loan products, as well as residential mortgage and real estate loans; business loans, cash management, payroll, direct deposit, and merchant credit card services to consumers and small businesses through branch network, telephone banking, internet banking, and automated teller machines. In addition, it offers trustee, agency, investment management, and administrative services; personal trust, planning and advisory, fiduciary, asset management, family office, and other services; and investment products, including mutual funds and annuities, and other services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.

Old National Bancorp operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States. It accepts deposit accounts, such as noninterest-bearing demand, interest-bearing checking and negotiable order of withdrawal, savings and money market, and time deposits. The company also offers loans, including home equity lines of credit, residential real estate loans, and consumer loans, as well as loans to commercial clients comprising commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing. In addition, it offers debit and automated teller machine cards, telephone access and online banking, and other electronic and mobile banking services. Further, the company offers private banking, wealth management, trust, investment advisory, brokerage, and foreign currency services; treasury management, merchant, and capital markets services for businesses; and community development lending and equity investment solutions. Old National Bancorp was founded in 1834 and is headquartered in Evansville, Indiana.

Latest Banks and M&T Bank Corporation, Old National Bancorp Stock News

As of July 31, 2026, M&T Bank Corporation had a $35.7 billion market capitalization, compared to the Banks median of $716.9 million. M&T Bank Corporation’s stock is up 22.2% in 2026, down 1.3% in the previous five trading days and up 28.58% in the past year.

Currently, M&T Bank Corporation’s price-earnings ratio is 13.8. M&T Bank Corporation’s trailing 12-month revenue is $9.3 billion with a 32.1% net profit margin. Year-over-year quarterly sales growth most recently was 5.7%. Analysts expect adjusted earnings to reach $19.308 per share for the current fiscal year. M&T Bank Corporation currently has a 2.4% dividend yield.

As of July 31, 2026, Old National Bancorp had a $10.2 billion market cap, putting it in the 78th percentile of all stocks. Old National Bancorp’s stock is up 19.4% in 2026, up 0.6% in the previous five trading days and up 25.42% in the past year.

Currently, Old National Bancorp’s price-earnings ratio is 11.9. Old National Bancorp’s trailing 12-month revenue is $2.7 billion with a 33.3% net profit margin. Year-over-year quarterly sales growth most recently was 28.8%. Analysts expect adjusted earnings to reach $2.610 per share for the current fiscal year. Old National Bancorp currently has a 2.2% dividend yield.

How We Compare M&T Bank Corporation and Old National Bancorp Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at M&T Bank Corporation and Old National Bancorp’s stock grades to see how they measure up against one another.

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M&T Bank Corporation and Old National Bancorp Stock Value Grades

Company	Ticker	Value
M&T Bank Corporation	MTB	B
Old National Bancorp	ONB	C

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection.

Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

AAII’s A+ Investor Value Grade derives from a stock’s value score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are a good value and so on.

M&T Bank Corporation has a Value Score of 69, which is Value. Old National Bancorp has a Value Score of 56, which is Average.

The Value Stock Winner: M&T Bank Corporation

As you can clearly see from the Value Grade breakdown above, M&T Bank Corporation is considered to have better value than Old National Bancorp. For investors who focus solely on a company’s valuation, M&T Bank Corporation could be a good stock to add to their portfolio. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

M&T Bank Corporation and Old National Bancorp Growth Grades

Company	Ticker	Growth
M&T Bank Corporation	MTB	A
Old National Bancorp	ONB	C

The foundation of growth investing is seeking out stocks of companies exhibiting strong, consistent and prolonged growth that is expected to continue into the future.

In order to compute the growth score and assign it a letter grade, the percentile ranks for each of three components‐consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations‐must be determined. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a company’s Growth Score to create an equal distribution of grades.

The companies in the bottom 20% of the stock universe receive Growth Grades of F, considered to be very weak, while those in the top 20% receive A grades, which are considered very strong.

M&T Bank Corporation has a Growth Score of 83, which is Very Strong. Old National Bancorp has a Growth Score of 59, which is Average.

The Growth Grade Winner: M&T Bank Corporation

As you can clearly see from the Growth Grade breakdown above, M&T Bank Corporation has a more attractive growth grade than Old National Bancorp. For investors who focus solely on how a company is growing relative to other companies in the same industry, M&T Bank Corporation could be a good stock to add to their portfolio. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

M&T Bank Corporation and Old National Bancorp’s Estimate Revisions Grades

Company	Ticker	Earnings Estimate
M&T Bank Corporation	MTB	B
Old National Bancorp	ONB	C

Earnings estimate revisions scores consider the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, positive surprises beget further positive surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Estimate revisions offer an indication of what analysts are thinking about the short-term prospects of a firm. Estimate revisions are based on the statistical significance of a firm’s last two quarterly earnings surprises and the percentage change in its consensus estimate for the current fiscal year over the past month and past three months.

M&T Bank Corporation has a Earnings Estimate Score of 70, which is Positive. Old National Bancorp has a Earnings Estimate Score of 47, which is Neutral.

The Earnings Estimate Revisions Grade Winner: M&T Bank Corporation

As you can clearly see from the Earnings Estimate Revisions Grade breakdown above, M&T Bank Corporation has a better Earnings Estimate Revisions Grade than Old National Bancorp. For those who are specifically looking for companies with better short-term prospects when compared to other companies in the same industry, M&T Bank Corporation could be a good stock to invest in. However, it’s important to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Other M&T Bank Corporation and Old National Bancorp Grades

In addition to Estimate Revisions, Value and Growth, A+ Investor also provides grades for Momentum and Quality.

Momentum grades help uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming.

AAII’s A+ Investor Quality Grade comes from the ranking of key metrics. Specifically, the quality grade is the percentile rank of the composite of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and F-Score.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether M&T Bank Corporation and Old National Bancorp pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, M&T Bank Corporation or Old National Bancorp Stock?

Overall, M&T Bank Corporation stock has a Value Score of 69, Growth Score of 83 and Estimate Revisions Score of 70.

Old National Bancorp stock has a Value Score of 56, Growth Score of 59 and Estimate Revisions Score of 47.

Comparing M&T Bank Corporation and Old National Bancorp’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.