Basswood Capital Management L.L.C. Acquires 133,947 Shares of Truist Financial Corporation $TFC

Basswood Capital Management L.L.C. lifted its position in Truist Financial Corporation (NYSE:TFC) by 60.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 356,977 shares of the insurance provider’s stock after purchasing an additional 133,947 shares during the quarter. Basswood Capital Management L.L.C.’s holdings in Truist Financial were worth $17,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swiss RE Ltd. purchased a new stake in shares of Truist Financial in the fourth quarter worth $26,000. McMillan Office Inc. purchased a new stake in shares of Truist Financial in the fourth quarter worth $31,000. Maseco LLP increased its stake 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 purchasing an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC increased its stake 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 purchasing an additional 431 shares in the last quarter. Finally, Ancora Advisors LLC increased its stake 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 purchasing an additional 500 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Friday, May 1st. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Stock Performance

TFC opened at $51.63 on Friday. The stock has a market capitalization of $64.33 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.88 and a beta of 0.89. The company has a fifty day moving average of $49.10 and a 200 day moving average of $49.16. Truist Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results 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 company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company posted $0.87 earnings per share. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

About Truist Financial

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.