These 5 Stocks are Gaining After Announcing Share Buybacks

1. M&T Bank Corporation (NYSE:MTB)

Number of Hedge Fund Holders: 40

M&T Bank Corporation (NYSE:MTB) is a New York-based bank holding company that offers commercial and retail banking services. On July 19, M&T Bank Corporation (NYSE:MTB)’s board authorized the repurchase of up to $3 billion of common stock on the open market or in private transactions. However, the company missed consensus estimates in Q2 2022. The stock gained 0.66% on July 27. 

On July 21, Morgan Stanley analyst Betsy Graseck raised the price target on M&T Bank Corporation (NYSE:MTB) to $222 from $203 and kept an Overweight rating on the shares after the company posted Q2 results and lifted its guidance for net interest income growth in 2022. She also raised her 2023 EPS estimate by 9%, the analyst noted. 

According to Insider Monkey’s data, 40 hedge funds were bullish on M&T Bank Corporation (NYSE:MTB) at the end of Q1 2022, up from 37 funds in the prior quarter. Ken Griffin’s Citadel Investment Group is the largest shareholder of the company, with 1.6 million shares worth $273 million. 

You can also take a look at This Analyst Is Bearish on These 15 Retail Stocks Amid “Soft Landing” Expectations and 10 Dividend Stocks of All Time. 

Follow Insider Monkey on Twitter