M&T Bank Corp. (MTB) Delivers Growth Below the S&P 500 Index

Giverny Capital Asset Management LLC recently published its second quarter investor letter 2022, which can be downloaded here. The fund’s model portfolio returns declined by 18.48% net of fees in the second quarter of 2022. Current events in the market have influenced the stocks’ short-term prices. The fund generated an annualized return of 17.02% over the last nine quarters, net of fees. You can check the top 5 holdings of the fund to see its best picks for 2022.

In the second quarter 2022 letter, Giverny Capital Asset Management discussed the performance of its portfolios over the last few years. Over the five years, M&T Bank Corporation (NYSE:MTB) compounded earnings 10% annually. M&T Bank Corporation (NYSE:MTB) is a banking company headquartered in Buffalo, New York, and has a market capitalization of $31.226 billion. M&T Bank Corporation (NYSE:MTB)’s stock closed at $177.45 per share on July 29, 2022. M&T Bank Corporation (NYSE:MTB) stock gained  32.57% of its value over the last 52 weeks and its one-month return rose to 11.11%.

Here is what Giverny Capital Asset Management specifically said about M&T Bank Corporation (NYSE:MTB):

“A second holding, M&T Bank Corporation (NYSE:MTB), compounded earnings at 10% over the past five years, while Progressive Corp. grew its earnings by 12% annually, barely below the Index.”

Our research shows that M&T Bank Corporation (NYSE:MTB) isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held M&T Bank Corporation (NYSE:MTB) at the end of the first quarter which was 37 in the previous quarter.

Last December, we published another article on M&T Bank Corporation (NYSE:MTB) and shared why hedge funds are dumping M&T Bank Corporation (NYSE:MTB). If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters Q2 2022 page.

Disclosure: None. This article is originally published at Insider Monkey.