10 New Stocks in David Tepper’s Portfolio

4. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Holders: 56

Appaloosa Management’s Stake Value: $63,436,500

Truist Financial Corporation (NYSE:TFC) is among the new stocks David Tepper has bought. As of December 29, the average price target for TFC suggests an upside of just 1%; however, the Street high indicates an upside of 19%.

On December 19, Morgan Stanley analyst Betsy Graseck assigned a Hold rating to Truist Financial and set a $56 price target.

Previously, on December 16, Truist Financial reported that its board had approved a share buyback plan for up to $10 billion of its outstanding common stock. The authorization commenced immediately, without a set end date. The new buyback authorization has superseded the earlier repurchase plan, under which nearly $1.5 billion in common shares remained. Management may choose to repurchase shares through open market purchases, private negotiations, or Rule 10b5-1 plans. However, Truist is not committed to purchasing a specific amount or number of shares under the program; the program can be adjusted or discontinued at any time.

In another corporate update, the bank announced on December 18 that it is introducing electronic direct deposit switching features, which will further simplify and quicken the account opening process for clients. This new feature was designed in collaboration with Atomic and is fully integrated into Truist’s online account-opening application. It allows users to transfer direct deposits from other accounts, and since its roll-out in August, 19% of the latest digital account clients have officially adopted the feature.

Truist Financial Corporation (NYSE:TFC) was founded in 1872, and it is based in Charlotte, North Carolina. The financial services company offers banking products like deposits, loans, and credit cards, mortgages, digital banking, commercial lending, treasury management, investment banking, and wealth management.