Deroy & Devereaux Private Investment Counsel Inc. Increases Stock Position in Truist Financial Corporation (NYSE:TFC)

Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 700,155 shares of the insurance provider's stock after purchasing an additional 105,539 shares during the quarter. Truist Financial makes up about 1.7% of Deroy & Devereaux Private Investment Counsel Inc.'s holdings, making the stock its 19th biggest position. Deroy & Devereaux Private Investment Counsel Inc. owned approximately 0.05% of Truist Financial worth $28,811,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Capital International Investors grew its holdings in shares of Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares in the last quarter. Norges Bank purchased a new position in Truist Financial in the fourth quarter worth $402,828,000. FMR LLC grew its stake in Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial during the 4th quarter valued at $198,051,000. Finally, Northern Trust Corp raised its stake in shares of Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the period. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TFC shares. Stephens reduced their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Barclays reduced their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Argus set a $43.00 price objective on Truist Financial in a research note on Monday, April 21st. Finally, TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.44.

Truist Financial Stock Up 0.4%

TFC opened at $45.23 on Friday. The firm has a market capitalization of $59.23 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.67 and a beta of 0.85. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a fifty day moving average price of $40.29 and a 200-day moving average price of $41.95. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same quarter last year, the company earned $0.90 earnings per share. Equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is 61.36%.

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.

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