Is M&T Bank Corporation (MTB) Intelligently Managed?
Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio returned 16.26% (net) in the fourth quarter compared to an 11.69% return for the S&P 500 Total Return Index. The fund had an annual return of 29.07% compared to the 26.29% return for the Index during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital Asset Management featured stocks such as M&T Bank Corporation (NYSE:MTB) in the fourth quarter 2023 investor letter. Headquartered in Buffalo, New York, M&T Bank Corporation (NYSE:MTB) is a bank holding company. On February 5, 2024, M&T Bank Corporation (NYSE:MTB) stock closed at $132.98 per share. One-month return of M&T Bank Corporation (NYSE:MTB) was -2.58%, and its shares lost 16.94% of their value over the last 52 weeks. M&T Bank Corporation (NYSE:MTB) has a market capitalization of $22.094 billion.
Giverny Capital Asset Management stated the following regarding M&T Bank Corporation (NYSE:MTB) in its fourth quarter 2023 investor letter:
"If our two main trims were not well-timed, the good news is that that our additions to existing positions mostly added value. We bought more shares of M&T Bank Corporation (NYSE:MTB) in April at $115. It finished the year at $137. I don’t love the banking business, but M&T is so intelligently managed by CEO Rene Jones and his team that I felt like $115, about seven times 2023 earnings, was too cheap to pass up."
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M&T Bank Corporation (NYSE:MTB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held M&T Bank Corporation (NYSE:MTB) at the end of third quarter which was 35 in the previous quarter.
We discussed M&T Bank Corporation (NYSE:MTB) in another article and shared the list of top dividend challengers according to dividend yields. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
