Should you sell Truist Financial Corporation due to potential vulnerabilities?
Matrix Asset AdvisorsAn asset management company released its investor’s letter for the first-quarter of 2023. The same letter can be downloaded. downloaded here. The stock market rose in the first quarter 2023 despite the decline of the banking sector. In the first quarter, Matrix’s Large Cap Value Portfolio posted a strong mid-high-single digit return which is in line with the S&P 500 Index and well ahead of the Russell 1000 Value Index. Dividend Income, which had a great year in 2022, lags behind both indexes. You can also check the top five holdings to see what the fund’s best bets are for 2023.
Matrix Asset Advisors highlights stocks such as Truist Finance Corporation (NYSETFC( ) in the investor letter of the first quarter, 2023. Truist Financial Corporation is a holding that has its headquarters in Charlotte, North Carolina. It provides banking and Trust services. Truist Financial Corporation stock (NYSE TFC) closed at $28.69 on May 5,2023. Truist Financial Corporation’s (NYSE:TFC), one-month return was -13.51% and its shares have lost 40.93% in value over the past 52 weeks. Truist Financial Corporation has a $38.213-billion market capitalization.
Matrix Asset Advisors stated the following about Truist Financial Corporation in its Q1 2019 investor letter.
“During the first quarter of this year, we switched from Truist Financial Corporation (NYSE:TFC). Both companies are strong and well-managed regional banking institutions, but we thought that in light of recent sales, this was a good upgrade with similar upside.
We stress-tested all of our holdings, focusing on improving the quality without sacrificing the appreciation potential. Following that review, we sold our position in Truist Financial and added to our holdings in Bank of New York Mellon, M&T Bank, PNC Financial, and US Bancorp.”
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Truist Financial Corporation, NYSE: TFC is not included in our list. 30 Most Popular Stocks Among Hedge Funds. As per our data, Truist Financial Corporation’s (NYSE:TFC), was in 44 hedge fund portfolios by the end of the 4th quarter. This is up from 39 at the same time last quarter.
Truist Financial Corporation, NYSE: TFC was discussed in detail. another article Analysts have compiled a list of dividend stocks with high yields to invest in. Also, check out our hedge fund investor letters Q1 2023 Page for more investor correspondence from hedge funds, other leading investors.
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Disclosure: None. This article was originally published on Insider Monkey.