Diamond Hill Capital Management Inc. Grows Stock Holdings in Truist Financial Corporation $TFC

Diamond Hill Capital Management Inc. raised its position in shares of Truist Financial Corporation (NYSE:TFC) by 19.9% during the fourth quarter, HoldingsChannel reports. The firm owned 765,286 shares of the insurance provider’s stock after purchasing an additional 126,850 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Truist Financial were worth $37,660,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter worth about $28,000. Maseco LLP increased its holdings in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC increased its holdings in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. Ancora Advisors LLC increased its holdings in shares of Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the period. Finally, Bare Financial Services Inc increased its holdings in shares of Truist Financial by 56.9% in the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock worth $40,000 after buying an additional 298 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.2%

Shares of NYSE:TFC opened at $47.92 on Friday. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The company has a market cap of $59.70 billion, a PE ratio of 11.89, a P/E/G ratio of 0.82 and a beta of 0.92. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s 50-day moving average is $47.81 and its 200 day moving average is $48.72.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.87 EPS. Sell-side analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Royal Bank Of Canada lifted their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. TD Cowen lifted their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial 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.