M&T Bank Corp Purchases 40,447 Shares of ExlService Holdings, Inc. $EXLS

Key Points

• M&T Bank Corp boosted its stake in ExlService (EXLS) by 869.3% in Q4, adding 40,447 shares to hold 45,100 shares valued at about $1.874 million.
• ExlService beat Q1 expectations with revenue of ~$570.35M (up 13.8% y/y) and adjusted EPS of $0.58 versus a $0.53 consensus, and raised FY‑2026 adjusted EPS guidance to $2.18–$2.23.
• Institutions own ~92.92% of EXLS, with large recent stake increases from firms like AQR, Jane Street, Qube and Tudor, and the company authorized a $125 million share buyback (about 2.7% of shares).

M&T Bank Corp boosted its position in ExlService Holdings, Inc. (NASDAQ:EXLS - Free Report) by 869.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,100 shares of the business services provider's stock after acquiring an additional 40,447 shares during the quarter. M&T Bank Corp's holdings in ExlService were worth $1,874,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in EXLS. AQR Capital Management LLC boosted its position in ExlService by 540.4% during the third quarter. AQR Capital Management LLC now owns 1,963,973 shares of the business services provider's stock valued at $86,474,000 after buying an additional 1,657,317 shares during the period. Amundi purchased a new stake in ExlService during the third quarter valued at about $67,862,000. Jane Street Group LLC boosted its position in ExlService by 534.2% during the second quarter. Jane Street Group LLC now owns 1,354,599 shares of the business services provider's stock valued at $59,318,000 after buying an additional 1,141,008 shares during the period. Qube Research & Technologies Ltd boosted its position in ExlService by 4,269.6% during the second quarter. Qube Research & Technologies Ltd now owns 882,480 shares of the business services provider's stock valued at $38,644,000 after buying an additional 862,284 shares during the period. Finally, Tudor Investment Corp ET AL boosted its position in ExlService by 451.2% during the third quarter. Tudor Investment Corp ET AL now owns 975,894 shares of the business services provider's stock valued at $42,969,000 after buying an additional 798,831 shares during the period. 92.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ExlService news, EVP Ajay Ayyappan sold 1,197 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $29.79, for a total value of $35,658.63. Following the completion of the sale, the executive vice president directly owned 53,901 shares in the company, valued at $1,605,710.79. This trade represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.04% of the stock is owned by company insiders.

ExlService News Roundup

Here are the key news stories impacting ExlService this week:

• Positive Sentiment: Q1 results beat consensus: Exl reported revenue of ~$570.4M (up 13.8% y/y) and adjusted diluted EPS of $0.58, topping estimates and showing strong margin expansion — a primary driver for the stock’s gain. EXL NASDAQ: EXLS Exceeds Q1 CY2026 Expectations, Stock Soars
• Positive Sentiment: Company raised FY‑2026 adjusted EPS guidance to $2.18–$2.23 (above consensus ~$2.10) while keeping revenue guidance around $2.3B — the guidance lift supports a more bullish forward earnings outlook. ExlService Shares Rise on 1Q Earnings Beat, FY Outlook
• Positive Sentiment: Management highlighted product traction (Excel/AI tools) and operating improvements; GlobeNewswire release stresses 14% revenue growth and 20% increase in adjusted EPS y/y — supportive of sustainable revenue/earnings momentum. EXL Reports 2026 First Quarter Results
• Positive Sentiment: Business development win: EXL was named Genesys 2025 New Partner of the Year — a strategic partnership that could expand cloud/AI customer opportunities. EXL recognized as 2025 Genesys New Partner of the Year
• Neutral Sentiment: Analyst coverage remains constructive with several price targets well above current levels (median ~$45.5), but these are based on forward-model assumptions. ExlService Holdings (EXLS) Releases Q1 2026 Earnings: Revenue Growth but EPS Miss
• Neutral Sentiment: Company filings, press release and slide deck are available for detailed modeling assumptions and segment detail. View Press Release
• Negative Sentiment: GAAP vs. adjusted dynamics: GAAP diluted EPS was $0.43 (below some street figures) and a third‑party summary flagged an EPS comparison miss on a GAAP basis — investors should reconcile adjusted items when valuing the business. ExlService Holdings (EXLS) Releases Q1 2026 Earnings: Revenue Growth but EPS Miss
• Negative Sentiment: Cash flow and balance-sheet items flagged: operating cash from operations declined sharply (reported ~ $1.7M) and total liabilities rose materially y/y; insider selling activity was also noted — these are governance/liquidity items to monitor. ExlService Holdings (EXLS) Releases Q1 2026 Earnings: Revenue Growth but EPS Miss

Wall Street Analyst Weigh In

EXLS has been the subject of several analyst reports. Robert W. Baird set a $35.00 price target on shares of ExlService in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of ExlService from a "hold" rating to a "buy" rating in a research report on Saturday, February 7th. Weiss Ratings lowered shares of ExlService from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday. Stifel Nicolaus cut their price target on shares of ExlService from $54.00 to $46.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Finally, Needham & Company LLC restated a "buy" rating and set a $40.00 price target (down from $55.00) on shares of ExlService in a research report on Wednesday, February 25th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.60.

ExlService Stock Performance

Shares of EXLS opened at $30.64 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.56 and a quick ratio of 2.56. ExlService Holdings, Inc. has a one year low of $26.94 and a one year high of $48.79. The company has a 50-day simple moving average of $30.69 and a two-hundred day simple moving average of $36.58. The firm has a market capitalization of $4.79 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 1.37 and a beta of 0.89.

ExlService (NASDAQ:EXLS - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The business services provider reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. ExlService had a net margin of 12.02% and a return on equity of 26.66%. The business had revenue of $570.35 million during the quarter, compared to analyst estimates of $557.89 million. During the same period last year, the business posted $0.48 earnings per share. ExlService's quarterly revenue was up 13.8% compared to the same quarter last year. ExlService has set its FY 2026 guidance at 2.180-2.230 EPS. On average, analysts anticipate that ExlService Holdings, Inc. will post 1.76 EPS for the current fiscal year.

ExlService declared that its Board of Directors has authorized a share buyback plan on Tuesday, March 17th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the business services provider to buy up to 2.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

ExlService Profile

ExlService Holdings, Inc NASDAQ: EXLS is a global operations management and analytics company that partners with clients in insurance, healthcare, banking, and financial services to drive digital transformation and operational excellence. The firm delivers analytics-driven solutions and business process outsourcing services, including claims adjudication, finance and accounting, data management, and customer service support. ExlService combines domain expertise with advanced analytics, artificial intelligence, and automation technologies to help organizations optimize processes, enhance customer experiences, and manage risk.

Founded in 1999 and headquartered in New York City, ExlService has grown through a mix of organic expansion and strategic acquisitions, earning recognition for its data analytics capabilities and industry-specific knowledge.

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