Truist Financial Corporation (NYSE:TFC) Shares Acquired by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. grew its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 32.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 727,240 shares of the insurance provider's stock after purchasing an additional 178,236 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.06% of Truist Financial worth $29,926,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Navigoe LLC purchased a new position in Truist Financial in the fourth quarter valued at $26,000. Centennial Bank AR boosted its position in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after acquiring an additional 580 shares in the last quarter. Sierra Ocean LLC increased its holdings in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares during the last quarter. Rossby Financial LCC purchased a new position in shares of Truist Financial in the 1st quarter valued at about $43,000. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial during the fourth quarter worth approximately $57,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TFC. 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 report on Monday, April 21st. TD Cowen began coverage on Truist Financial in a research note on Thursday, May 15th. They set a "hold" rating and a $44.00 price target on the stock. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Tuesday, July 8th. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday. Finally, Barclays lowered their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of "Moderate Buy" and an average price target of $48.65.

Truist Financial Trading Down 0.7%

TFC stock traded down $0.31 during trading on Thursday, reaching $45.51. 6,648,353 shares of the stock traded hands, compared to its average volume of 8,256,320. The firm has a market capitalization of $59.59 billion, a PE ratio of 12.40, a P/E/G ratio of 1.71 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50 day moving average price is $42.00 and its 200-day moving average price is $42.10. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period in the prior year, the business posted $0.91 EPS. The business's revenue was down 406.0% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.57%. Truist Financial's dividend payout ratio is presently 56.68%.

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.