M&T Bank Corporation (MTB) Beats Markets’, Hedge Funds’ Expectations With Earnings Beat

How are hedge funds trading M&T Bank Corporation (NYSE:MTB)?

At the end of the first quarter, a total of 20 of the hedge funds tracked by Insider Monkey were bullish in this stock, a drop of four investors from one quarter earlier. With hedge funds’ capital changing hands, there exists a few notable hedge fund managers who were upping their stakes substantially.

According to hedge fund experts at Insider Monkey, Berkshire Hathaway, managed by Warren Buffett, holds the number one position in M&T Bank Corporation (NYSE:MTB). Berkshire Hathaway has a $683.5 million position in the stock consisting of 5.38 million shares, and comprising 0.6% of its massive 13F portfolio. Sitting second is Citadel Investment Group, led by Ken Griffin, holding a $48.4 million position of 381,341 shares; the fund has 0.1% of its 13F portfolio invested in the stock. Other hedgies that hold long positions encompass David Harding’s Winton Capital Management, Jim Simons’ Renaissance Technologies, and Cliff Asness’ AQR Capital Management.

Due to the fact that M&T Bank Corporation (NYSE:MTB) has witnessed bearish sentiment from the aggregate hedge fund industry, logic holds that there is a sect of hedge funds who sold off their full holdings in the first quarter. Intriguingly, Robert Emil Zoellner’s Alpine Associates cut the largest stake of all the hedgies watched by Insider Monkey, worth about $6 million in stock. Matthew Halbower of Pentwater Capital Management was right behind this move, as the fund sold off about $5.7 million worth of shares. These moves are important to note, as aggregate hedge fund interest fell by four funds in the first quarter.

Considering bullish insider sentiment and positive second quarter financial results of M&T Bank, we recommend a buy for the shares of the financial institution.

Disclosure: None