Should You Sell Truist Financial Corporation (TFC)?

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 3000 Index, in the fourth quarter. On an absolute basis, the strategy gained across nine of the 10 sectors in which it was invested. Industrials, consumer staples, and healthcare sectors were the leading contributors while the IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Select Strategy highlighted stocks like Truist Financial Corporation (NYSE:TFC) in the Q4 2022 investor letter. Headquartered in Charlotte, North Carolina, Truist Financial Corporation (NYSE:TFC) is a banking and trust services providing company. On February 22, 2023, Truist Financial Corporation (NYSE:TFC) stock closed at $47.08 per share. One-month return of Truist Financial Corporation (NYSE:TFC) was -3.64%, and its shares lost 20.49% of their value over the last 52 weeks. Truist Financial Corporation (NYSE:TFC) has a market capitalization of $62.467 billion.

ClearBridge Select Strategy made the following comment about Truist Financial Corporation (NYSE:TFC) in its Q4 2022 investor letter:

“We remained active in culling the portfolio of stocks we see as no longer well positioned for the more restrictive macro environment, eliminating seven common stock positions. The biggest sale was Truist Financial Corporation (NYSE:TFC), a regional bank formed by the merger of SunTrust and BB&T that we purchased during the height of COVID-19. At the time, this evolving opportunity growth company was not being recognized for its strong footprint in the Southeast. But the bank’s underinvestment in technology and exposure to auto lending could become greater risks in a downturn, leading us to exit the stock.”

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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 profitable bank stocks to invest in. In addition, please check out our hedge fund investor letters Q4 2022 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.