Davis Selected Advisers Buys 35,616 Shares of Truist Financial Corporation $TFC

Key Points

• Davis Selected Advisers increased its stake in Truist by 22.8%, buying 35,616 shares to hold 192,053 shares worth about $9.45 million at quarter-end.
• Other institutions also made large purchases—most notably Wellington Management added 10,310,523 shares (now ~10.39M shares, ~$475M)—and overall institutional ownership stands at 71.28%.
• Truist recently beat quarterly expectations (EPS $1.09 vs. $1.00; revenue $5.20B, +5% YoY), announced a quarterly dividend of $0.52 (a 4.1% yield, ex-dividend May 8), and carries a consensus rating of Moderate Buy with a $55.59 target.

Davis Selected Advisers raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 22.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 192,053 shares of the insurance provider's stock after purchasing an additional 35,616 shares during the period. Davis Selected Advisers' holdings in Truist Financial were worth $9,451,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TFC. Wellington Management Group LLP raised its position in Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Jennison Associates LLC raised its position in Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider's stock worth $179,176,000 after purchasing an additional 2,625,847 shares during the last quarter. Azora Capital LP bought a new position in Truist Financial during the 3rd quarter worth $115,417,000. Skandinaviska Enskilda Banken AB publ raised its position in Truist Financial by 164.0% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider's stock worth $105,490,000 after purchasing an additional 1,433,934 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Truist Financial by 71.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider's stock worth $136,065,000 after purchasing an additional 1,323,866 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

TFC stock opened at $50.98 on Friday. The stock has a 50-day moving average price of $48.10 and a 200-day moving average price of $48.24. Truist Financial Corporation has a 1-year low of $38.27 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market cap of $63.26 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.88 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the company posted $0.87 EPS. The business's quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TFC. Robert W. Baird reaffirmed a "neutral" rating and set a $55.00 target price on shares of Truist Financial in a research report on Friday. Argus raised their target price on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, January 23rd. The Goldman Sachs Group reissued a "buy" rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Morgan Stanley lowered their price objective on Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. Finally, Jefferies Financial Group reissued a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Truist Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.59.

Insider Activity at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the firm's stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.15% of the stock is currently owned by corporate insiders.

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.

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