Ritholtz Wealth Management Has $2.98 Million Holdings in Truist Financial Corporation $TFC

Ritholtz Wealth Management boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 41.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 64,899 shares of the insurance provider’s stock after purchasing an additional 19,150 shares during the period. Ritholtz Wealth Management’s holdings in Truist Financial were worth $2,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Truist Financial by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares during the period. Capital International Investors raised its position in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after purchasing an additional 715,433 shares in the last quarter. Victory Capital Management Inc. raised its position in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares in the last quarter. Morgan Stanley lifted its stake in Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co lifted its stake in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock opened at $50.48 on Friday. The stock has a 50-day moving average price of $49.17 and a two-hundred day moving average price of $49.34. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a market capitalization of $62.90 billion, a PE ratio of 12.53, a P/E/G ratio of 0.87 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the business posted $0.87 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Sunday, June 21st. Morgan Stanley dropped their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Royal Bank Of Canada raised their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Stephens assumed coverage on shares of Truist Financial in a report on Monday, June 15th. They set an “overweight” rating and a $59.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $55.79.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.