Diamond Hill Capital Management LLC Investment Advisor Purchases New Stake in Truist Financial Corporation $TFC

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in Truist Financial Corporation (NYSE:TFC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 742,871 shares of the insurance provider's stock, valued at approximately $37,010,000. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.06% of Truist Financial at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in TFC. 3Chopt Investment Partners LLC boosted its stake in shares of Truist Financial by 1.3% during the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after buying an additional 193 shares during the period. IFP Advisors Inc increased its stake in shares of Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock worth $404,000 after acquiring an additional 194 shares during the last quarter. PCB Capital LLC increased its stake in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock worth $310,000 after acquiring an additional 198 shares during the last quarter. AlphaCore Capital LLC raised its holdings in shares of Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after acquiring an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its holdings in shares of Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock worth $188,000 after acquiring an additional 199 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In related news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TFC shares. Citigroup lowered Truist Financial from a "buy" rating to a "neutral" rating and reduced their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Stephens cut their price objective on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $53.00 to $54.00 and gave the company an "underweight" rating in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $54.67.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $53.08 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $64.84 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The firm's 50-day moving average price is $51.13 and its two-hundred day moving average price is $49.80.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. On average, equities analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio (DPR) is presently 47.71%.

About Truist Financial

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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