Truist Financial Corporation (TFC) Declined on Banking Sector Sell-off

Investment management company Ave Maria recently released its “Rising Dividend Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The total return of the fund in the first quarter was 0.49% compared to a 5.17% return for the S&P 500 Value Index. Fund’s strongest contributors were from the Information Technology, Real Estate, and Industrials sectors while Energy, Financials, and Consumer Discretionary sectors detracted. You can check the top 5 holdings of the fund to know its best picks in 2023.

Ave Maria Rising Dividend Fund 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 June 7, 2023, Truist Financial Corporation (NYSE:TFC) stock closed at $33.48 per share. One-month return of Truist Financial Corporation (NYSE:TFC) was 20.00%, and its shares lost 31.74% of their value over the last 52 weeks. Truist Financial Corporation (NYSE:TFC) has a market capitalization of $44.593 billion.

Ave Maria Rising Dividend Fund made the following comment about Truist Financial Corporation (NYSE:TFC) in its Q1 2023 investor letter:

“The weakest performers were the Energy, Financials, and Consumer Discretionary sectors. Off the heels of last year’s outstanding performance, the Fund’s Energy stocks were down -16%. Financials were down -5%, primarily due to Truist Financial Corporation (NYSE:TFC) (bank), as banks sold off due to the failure of SVB Financial Group. Consumer Discretionary finished the quarter up but was pulled down by the -9% performance of RH (home products store).”

Saving. Save, Piggy Bank

damir-spanic-vwaTtIhCjVg-unsplash

Truist Financial Corporation (NYSE:TFC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Truist Financial Corporation (NYSE:TFC) at the end of first quarter 2023 which was 44 in the previous quarter.

We discussed Truist Financial Corporation (NYSE:TFC) in another article and shared Diamond Hill Large Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.