5 Biggest Losers Today

4. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Holders: 33

Truist Financial Corporation (NYSE:TFC) managed to meet earnings expectations for the third quarter. However, its Q3 revenue fell short of estimates, sending its shares down more than three percent in mid-day trading Tuesday.

The Charlotte-based financial services company earned $1.24 per share on an adjusted basis, down 13 percent versus the year-ago quarter but in line with expectations. Revenue for the quarter rose 4.6 percent on a year-over-year basis to $5.847 billion, while analysts expected Truist Financial Corporation (NYSE:TFC) to generate revenue of $5.94 billion.

Speaking in the results, CEO of Truist Financial Corporation (NYSE:TFC), Bill Rogers, said in a statement:

“Truist’s third-quarter performance reflected strong progress in many areas of the business, as we delivered strong broad-based loan growth, significant margin expansion and continued exceptional asset quality. Overall financial results were mixed, however, as the challenging market environment impacted our capital markets related revenue.”