ClearBridge Investments, an investment management company, released its “ClearBridge Value Equity Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed its Russell 1000 Value Index. The fund faced losses from all the 11 sectors in which it was invested. For more information on the fund’s top picks in 2022, please check its top five holdings.
In the second quarter investor letter, ClearBridge Investments mentioned stocks like M&T Bank Corporation (NYSE:MTB). M&T Bank Corporation (NYSE:MTB) is a banking company headquartered in Buffalo, New York, and has a market capitalization of $31.544 billion. The stock of M&T Bank Corporation (NYSE:MTB) closed at $179.26 per share on August 8, 2022. One-month return of M&T Bank Corporation (NYSE:MTB) rose to 12.96%, and its shares gained 29.44% of their value over the last 52 weeks.
Here is what ClearBridge Investments specifically said about M&T Bank Corporation (NYSE:MTB) in its Q2, 2022 investor letter:
“M&T Bank Corporation (NYSE:MTB) is a high-quality regional bank with a solid core deposit franchise and a history of being a very good lender across credit cycles. While a bank may find it easy to give away money in a loan, a strong bank franchise can gather low-cost long-term deposits. Deposit funding has not been worth much when rates were near zero, but with the Federal Reserve raising rates aggressively, good core deposit franchises will shine. M&T Bank is benefiting accordingly as net interest income is shooting higher as the company puts excess capital to work in higher-yielding loans and securities. So far in 2022, its earnings estimates have risen over 30%, while its earnings multiple has declined over 20%. We think earnings will remain resilient, especially relative to the overall market, and we see solid long-term value in M&T Bank as its price is well below our estimate of business value for this core-deposit-funded bank.”
Although ClearBridge Investments invested in M&T Bank Corporation (NYSE:MTB), it is not on the 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.
We discussed M&T Bank Corporation (NYSE:MTB) in another article and shared the financial stock recommendation from Usman Waheed’s Strycker View Capital. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
Disclosure: None. This article is originally published at Insider Monkey.