Deprince Race & Zollo Inc. Has $33.98 Million Stake in Truist Financial Corporation $TFC

Key Points

• Deprince Race & Zollo Inc. raised its stake in Truist to 690,451 shares (a 5.2% increase), worth $33.98 million per its latest 13F filing.
• Truist's board authorized a $10.0 billion share buyback (up to 15.7% of outstanding shares) and pays a quarterly dividend of $0.52 (annualized $2.08, ~4.2% yield).
• Analysts maintain a consensus "Moderate Buy" with an average target of $54.41, though Truist recently missed quarterly EPS ($1.00 vs $1.09) and reported revenue below estimates, and insiders have reduced holdings via sales.

Deprince Race & Zollo Inc. raised its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 5.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 690,451 shares of the insurance provider's stock after purchasing an additional 33,933 shares during the period. Deprince Race & Zollo Inc. owned approximately 0.05% of Truist Financial worth $33,977,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TFC. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter worth $28,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider's stock worth $32,000 after purchasing an additional 678 shares in the last quarter. Darwin Wealth Management LLC boosted its holdings in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider's stock valued at $32,000 after buying an additional 600 shares during the period. Maseco LLP boosted its holdings in shares of Truist Financial by 53.8% in 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 during the period. Finally, Ancora Advisors LLC boosted its holdings 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 valued at $32,000 after buying an additional 500 shares during the period. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFC. Evercore reiterated an "outperform" rating on shares of Truist Financial in a report on Thursday, February 5th. The Goldman Sachs Group reiterated a "buy" rating and issued a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Argus upped their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a report on Friday, January 23rd. Barclays cut shares of Truist Financial from an "equal weight" rating to an "underweight" rating and upped their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Finally, Weiss Ratings cut shares of Truist Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, March 12th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and an average target price of $54.41.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business's stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company's stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the business's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company's stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $49.63 on Monday. The company's fifty day simple moving average is $48.91 and its 200-day simple moving average is $47.74. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm has a market cap of $61.59 billion, a PE ratio of 13.03, a P/E/G ratio of 0.86 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $34.52 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts' consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. Equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's payout ratio is currently 54.59%.

Truist Financial declared that its board has authorized a stock repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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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