Polaris Capital Management, an investment management company, released its third quarter 2024 investor letter. A copy of the same can be downloaded here. Global markets were in solidly positive territory for the third straight quarter of 2024 despite geopolitical volatility. Polaris Global Equity Composite (net of fees) returned 6.86% in the quarter, compared to 6.46% return for the MSCI World Index, gross dividends reinvested. In addition, check the fund’s top five holdings to know its best picks in 2024.
Polaris Global Equity Strategy highlighted stocks like M&T Bank Corporation (NYSE:MTB), in the third quarter 2024 investor letter. M&T Bank Corporation (NYSE:MTB) is a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that offers retail and commercial banking products and services. The one-month return of M&T Bank Corporation (NYSE:MTB) was -14.31%, and its shares gained 38.79% of their value over the last 52 weeks. On December 20, 2024, M&T Bank Corporation (NYSE:MTB) stock closed at $189.48 per share with a market capitalization of $31.439 billion.
Polaris Global Equity Strategy stated the following regarding M&T Bank Corporation (NYSE:MTB) in its Q3 2024 investor letter:
“On the backdrop of interest rate cuts, financials shined on expectations for loan demand and cheaper cost of capital; in fact, all sector holdings were in absolute positive territory. M&T Bank Corporation (NYSE:MTB) reported higher net interest margins, on good investment yields and stable deposit and borrowing costs. The upstate New York based bank noted growth in commercial and industrial loans, outpacing its peers, while simultaneously reducing its commercial real estate exposure.”
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M&T Bank Corporation (NYSE:MTB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held M&T Bank Corporation (NYSE:MTB) at the end of the third quarter which was 34 in the previous quarter. In the third quarter, M&T Bank Corporation (NYSE:MTB) reported net income of $721 million compared to $655 million in the linked quarter. While we acknowledge the potential of M&T Bank Corporation (NYSE:MTB) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed M&T Bank Corporation (NYSE:MTB) and shared Morgan Stanley’s best overweight & quality stocks. In addition, please check out our hedge fund investor letters Q3 2024 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.