Ritholtz Wealth Management Boosts Position in Truist Financial Corporation $TFC

Ritholtz Wealth Management grew its stake in Truist Financial Corporation (NYSE:TFC) by 31.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,860 shares of the insurance provider’s stock after buying an additional 2,122 shares during the quarter. Ritholtz Wealth Management’s holdings in Truist Financial were worth $381,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TFC. Victory Capital Management Inc. increased its position in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock worth $274,237,000 after buying an additional 6,012,817 shares in the last quarter. Invesco Ltd. increased its position in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after buying an additional 3,188,999 shares in the last quarter. Nuveen LLC purchased a new stake in Truist Financial in the first quarter worth about $117,929,000. American Century Companies Inc. increased its position in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after buying an additional 2,158,639 shares in the last quarter. Finally, National Bank of Canada FI increased its position in Truist Financial by 178.0% in the first quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider’s stock worth $94,228,000 after buying an additional 1,466,236 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on TFC. Keefe, Bruyette & Woods upped their price target on Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Morgan Stanley upped their price objective on Truist Financial from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus price target of $49.63.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $43.44 on Tuesday. The stock has a 50 day moving average of $45.13 and a 200 day moving average of $42.32. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a market cap of $56.01 billion, a PE ratio of 11.68, a PEG ratio of 1.36 and a beta of 0.88. 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 announced its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same period in the prior year, the company earned $0.97 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.8%. Truist Financial’s dividend payout ratio is presently 55.91%.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.