Federated Hermes Inc. Has $391.40 Million Position in Truist Financial Corporation (NYSE:TFC)

Key Points

• Federated Hermes Inc. increased its stake in Truist Financial by 0.9%, acquiring an additional 89,373 shares, and now holds 9,511,639 shares valued at approximately $391 million.
• Truist Financial recently reported earnings of $0.91 EPS for the quarter, missing estimates, with revenue showing a significant year-over-year decline of 406%.
• A range of analysts have set varying price targets for Truist Financial, with a consensus price target of $48.65 and a general sentiment of a "Moderate Buy" rating.

Federated Hermes Inc. boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,511,639 shares of the insurance provider's stock after acquiring an additional 89,373 shares during the quarter. Truist Financial makes up approximately 0.8% of Federated Hermes Inc.'s holdings, making the stock its 19th biggest holding. Federated Hermes Inc. owned about 0.73% of Truist Financial worth $391,404,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. boosted its stake in Truist Financial by 1.0% during the 4th quarter. Meeder Advisory Services Inc. now owns 28,385 shares of the insurance provider's stock worth $1,231,000 after acquiring an additional 288 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in Truist Financial by 4.8% during the 4th quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after acquiring an additional 291 shares during the last quarter. McKinley Carter Wealth Services Inc. boosted its stake in Truist Financial by 1.6% during the 1st quarter. McKinley Carter Wealth Services Inc. now owns 19,657 shares of the insurance provider's stock worth $809,000 after acquiring an additional 305 shares during the last quarter. Poehling Capital Management INC. boosted its stake in Truist Financial by 0.6% during the 4th quarter. Poehling Capital Management INC. now owns 51,201 shares of the insurance provider's stock worth $2,221,000 after acquiring an additional 307 shares during the last quarter. Finally, Beese Fulmer Investment Management Inc. boosted its stake in Truist Financial by 1.9% during the 1st quarter. Beese Fulmer Investment Management Inc. now owns 16,587 shares of the insurance provider's stock worth $683,000 after acquiring an additional 309 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on TFC. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Piper Sandler lowered their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Argus set a $43.00 price objective on shares of Truist Financial in a report on Monday, April 21st. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a report on Tuesday, July 8th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.

Truist Financial Trading Down 1.8%

NYSE:TFC traded down $0.81 on Friday, reaching $42.91. 5,126,142 shares of the stock traded hands, compared to its average volume of 8,709,353. The firm has a market capitalization of $56.19 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 1.65 and a beta of 0.85. The company's 50 day moving average is $42.42 and its 200-day moving average is $42.14. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.8%. Truist Financial's dividend payout ratio (DPR) is 56.68%.

Truist Financial 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.