Dimensional Fund Advisors LP Increases Stock Position in Truist Financial Corporation $TFC

Key Points

• Dimensional Fund Advisors LP increased its stake in Truist Financial by 1.9% in the first quarter, adding 164,052 shares to bring its total to 8.61 million shares valued at about $395.6 million.
• Truist Financial reported strong quarterly results, with EPS of $1.23 versus the $1.08 estimate and revenue of $5.31 billion, while revenue rose 5.6% year over year.
• The company also pays a quarterly dividend of $0.52 per share, equal to an annualized yield of 4.1%, while Wall Street currently has a consensus Hold rating with an average price target of $54.61.

Dimensional Fund Advisors LP boosted its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,608,268 shares of the insurance provider's stock after purchasing an additional 164,052 shares during the quarter. Dimensional Fund Advisors LP owned about 0.69% of Truist Financial worth $395,642,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Kemnay Advisory Services Inc. purchased a new position in Truist Financial in the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial during the 4th quarter valued at $26,000. McMillan Office Inc. purchased a new position in Truist Financial in the fourth quarter worth about $31,000. 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 worth $32,000 after buying an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 431 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of TFC opened at $51.34 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $63.96 billion, a PE ratio of 11.77, a PEG ratio of 0.89 and a beta of 0.89. The company has a 50 day moving average price of $49.53 and a 200-day moving average price of $49.52. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business's revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.91 EPS. Equities analysts predict that Truist Financial Corporation will post 4.53 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial's dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TFC. Raymond James Financial reiterated a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $53.00 target price (down from $53.50) on shares of Truist Financial in a report on Monday. Morgan Stanley reaffirmed an "equal weight" rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Stephens decreased their price objective on Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, Citigroup lowered shares of Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. 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. Based on data from MarketBeat, Truist Financial currently has an average rating of "Hold" and an average target price of $54.61.

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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