雅虎香港財經 Should You Sell Truist Financial Corporation (TFC) Due to Potential Vulnerabilities?
Matrix Asset Advisors, an asset management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter of 2023, the stock market rallied despite the fall in banking sector stocks. 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. While the Dividend Income strategy, after a good year in 2022, lagged behind both indexes in the first quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Matrix Asset Advisors highlighted stocks like Truist Financial Corporation (NYSE:TFC) in the first quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Truist Financial Corporation (NYSE:TFC) is a holding company that provides banking and trust services. On May 5, 2023, Truist Financial Corporation (NYSE:TFC) stock closed at $28.69 per share. One-month return of Truist Financial Corporation (NYSE:TFC) was -13.51%, and its shares lost 40.93% of their value over the last 52 weeks. Truist Financial Corporation (NYSE:TFC) has a market capitalization of $38.213 billion.
Matrix Asset Advisors made the following comment about Truist Financial Corporation (NYSE:TFC) in its Q1 2023 investor letter:
"During the quarter, we started a new position in PNC Financial, swapping out from Truist Financial Corporation (NYSE:TFC). Both companies are strong, well-managed regional banks, but in the recent sell-off of regional bank stocks, we believed this was a quality upgrade with similar upside potential.
During the March sell-off in financial stocks, we stress-tested our holdings in that sector for potential vulnerabilities in their financial position with a focus on upgrading the quality of holdings without sacrificing 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 on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Truist Financial Corporation (NYSE:TFC) at the end of the fourth quarter which was 39 in the previous quarter.
We discussed Truist Financial Corporation (NYSE:TFC) in another article and shared the list of high dividend stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2023 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.
