Davis Selected Advisers Raises Position in Truist Financial Corporation (NYSE:TFC)

Key Points

• Davis Selected Advisers increased its stake in Truist Financial Corporation by 7.6%, owning a total of 156,431 shares valued at $6.4 million after acquiring an additional 11,052 shares in the first quarter.
• Truist Financial's quarterly earnings missed analysts' expectations, reporting $0.91 earnings per share, slightly below the consensus estimate of $0.93, while revenue matched estimates at $5.04 billion.
• The company declared a quarterly dividend of $0.52 per share, representing an annualized dividend of $2.08 and a yield of 4.9%, with a payout ratio of 56.68%.

Davis Selected Advisers grew its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 7.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 156,431 shares of the insurance provider's stock after purchasing an additional 11,052 shares during the quarter. Davis Selected Advisers' holdings in Truist Financial were worth $6,437,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Manchester Capital Management LLC lifted its stake in shares of Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after acquiring an additional 288 shares during the period. Integrated Advisors Network LLC lifted its stake in shares of Truist Financial by 4.8% during the fourth quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock valued at $274,000 after acquiring an additional 291 shares during the period. McKinley Carter Wealth Services Inc. lifted its stake in shares of Truist Financial by 1.6% during the first quarter. McKinley Carter Wealth Services Inc. now owns 19,657 shares of the insurance provider's stock valued at $809,000 after acquiring an additional 305 shares during the period. Poehling Capital Management INC. lifted its stake in shares of Truist Financial by 0.6% during the fourth quarter. Poehling Capital Management INC. now owns 51,201 shares of the insurance provider's stock valued at $2,221,000 after acquiring an additional 307 shares during the period. Finally, Beese Fulmer Investment Management Inc. lifted its stake in shares of Truist Financial by 1.9% during the first quarter. Beese Fulmer Investment Management Inc. now owns 16,587 shares of the insurance provider's stock valued at $683,000 after acquiring an additional 309 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Stephens cut their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. TD Cowen began coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price on the stock. Piper Sandler cut their target price on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.65.

Truist Financial Stock Performance

NYSE:TFC traded up $0.23 during mid-day trading on Friday, hitting $43.08. 5,313,847 shares of the stock were exchanged, compared to its average volume of 7,826,328. The stock has a market capitalization of $55.55 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 1.61 and a beta of 0.87. The firm's 50-day simple moving average is $42.86 and its 200 day simple moving average is $41.98. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.8%. Truist Financial's payout ratio is currently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on 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 transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

About Truist Financial

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.