5 Best Local Bank Stocks to Buy According to Hedge Funds

2. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Holders: 48

Truist Financial Corporation (NYSE:TFC) is a banking company based in Charlotte, North Carolina. The company offers banking and trust services in the Southeastern and Mid-Atlantic US.

On July 6, Michael Rose, an analyst at Raymond James, upgraded shares of Truist Financial Corporation (NYSE:TFC) from Market Perform to Outperform. The analyst also announced a $36 price target on the stock.

Truist Financial Corporation (NYSE:TFC) had 48 hedge funds long its stock at the end of the first quarter. Their total stake value in the company was $1.1 billion.

Tweedy, Browne mentioned Truist Financial Corporation (NYSE:TFC) in its first-quarter 2023 investor letter:

“The Funds received very little in the way of return contributions from many of their financial, energy, media, and healthcare holdings. While it would appear that a crisis was avoided by the quick intervention of bank regulators in the US and Switzerland, some uneasiness still remains in the global banking community. This turmoil couldn’t help but have a negative impact on investor sentiment and in turn on Fund bank holdings such as Truist Financial Corporation (NYSE:TFC).”

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