American Assets Investment Management LLC Buys 3,000,000 Shares of Truist Financial Corporation $TFC

Key Points

• American Assets Investment Management LLC sharply boosted its Truist Financial stake by 781.3% in the fourth quarter, buying 3 million additional shares and bringing its holdings to 3.384 million shares worth about $166.5 million.
• Truist Financial reported better-than-expected first-quarter results, with EPS of $1.09 versus the $1.00 consensus and revenue of $5.20 billion, up 5% year over year.
• The company also declared a quarterly dividend of $0.52 per share, implying a 4.2% annualized yield, while Wall Street currently rates the stock a Moderate Buy with an average price target of $55.59.

American Assets Investment Management LLC increased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 781.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,384,000 shares of the insurance provider's stock after acquiring an additional 3,000,000 shares during the period. Truist Financial makes up 5.4% of American Assets Investment Management LLC's investment portfolio, making the stock its 3rd largest position. American Assets Investment Management LLC owned about 0.26% of Truist Financial worth $166,527,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter worth approximately $28,000. Maseco LLP lifted its position in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after buying an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC lifted its position in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after buying an additional 431 shares in the last quarter. Ancora Advisors LLC lifted its position in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after buying an additional 500 shares in the last quarter. Finally, Steigerwald Gordon & Koch Inc. acquired a new position in Truist Financial during the third quarter valued at approximately $41,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 1.3%

TFC stock opened at $49.09 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $38.27 and a 1-year high of $56.19. The firm has a fifty day moving average price of $48.06 and a two-hundred day moving average price of $48.48. The firm has a market cap of $61.16 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.85 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last released 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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. Research analysts predict that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial's payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TFC shares. Royal Bank Of Canada lifted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. Evercore reaffirmed an "outperform" rating on shares of Truist Financial in a research report on Thursday, February 5th. TD Cowen lifted their price target on shares of Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Argus lifted their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, January 23rd. Finally, Weiss Ratings raised shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.