Advisors Capital Management LLC Buys 22,246 Shares of Truist Financial Corporation $TFC

Key Points

• Advisors Capital Management LLC increased its stake in Truist Financial by 5.1%, owning 457,755 shares valued at approximately $18.84 million, as reported in its latest SEC filing.
• Several institutional investors, including Victory Capital Management and Invesco Ltd., made significant increases to their holdings in Truist Financial, reflecting strong institutional interest with 71.28% of the stock owned by such investors.
• Truist Financial recently declared a quarterly dividend of $0.52 per share, yielding 4.6%, while its latest earnings report showed a slight miss in EPS estimates and a substantial year-over-year revenue decline of 406%.

Advisors Capital Management LLC increased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 5.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 457,755 shares of the insurance provider's stock after purchasing an additional 22,246 shares during the period. Advisors Capital Management LLC's holdings in Truist Financial were worth $18,837,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TFC. MBL Wealth LLC raised its holdings in Truist Financial by 40.6% in the first quarter. MBL Wealth LLC now owns 10,881 shares of the insurance provider's stock worth $448,000 after purchasing an additional 3,141 shares during the period. Geneos Wealth Management Inc. increased its position in Truist Financial by 36.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 19,270 shares of the insurance provider's stock worth $793,000 after purchasing an additional 5,189 shares in the last quarter. Blue Rock Wealth Management LLC acquired a new position in Truist Financial in the 1st quarter valued at approximately $222,000. Belpointe Asset Management LLC boosted its stake in Truist Financial by 159.8% during the first quarter. Belpointe Asset Management LLC now owns 32,536 shares of the insurance provider's stock worth $1,339,000 after acquiring an additional 20,012 shares in the last quarter. Finally, Fortis Capital Advisors LLC lifted its stake in shares of Truist Financial by 367.5% in the first quarter. Fortis Capital Advisors LLC now owns 25,163 shares of the insurance provider's stock valued at $1,035,000 after buying an additional 19,781 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Trading Down 0.2%

NYSE:TFC traded down $0.08 during trading hours on Friday, hitting $45.22. The company had a trading volume of 8,026,887 shares, compared to its average volume of 7,134,279. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a 50-day moving average of $45.02 and a 200 day moving average of $41.72. The company has a market cap of $58.30 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.69 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 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.Truist Financial's revenue was down 406.0% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Analysts Set New Price Targets

A number of analysts recently issued reports on TFC shares. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.47.

Truist Financial Company 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.