Fifth Third Bancorp Buys 367,291 Shares of Truist Financial Corporation $TFC

Key Points

• Fifth Third Bancorp significantly increased its stake in Truist Financial, buying 367,291 additional shares in Q1 and boosting its position by 531.8% to 436,355 shares valued at about $20.1 million.
• Truist Financial reported better-than-expected quarterly results, with EPS of $1.09 beating estimates of $1.00 and revenue of $5.20 billion edging above forecasts. Revenue rose 5% year over year.
• The company also paid a quarterly dividend of $0.52 per share, equal to an annualized yield of 4.0%, while analysts currently have a consensus rating of Hold with a target price of $54.47.

Fifth Third Bancorp boosted its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 531.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 436,355 shares of the insurance provider's stock after buying an additional 367,291 shares during the quarter. Fifth Third Bancorp's holdings in Truist Financial were worth $20,059,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new stake in shares of Truist Financial in the fourth quarter worth about $26,000. McMillan Office Inc. purchased a new position in Truist Financial during the 4th quarter valued at about $31,000. Ancora Advisors LLC increased its holdings in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 500 shares during the period. Finally, Maseco LLP raised its position in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Trading Up 0.6%

Truist Financial stock opened at $51.99 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The business's fifty day simple moving average is $49.19 and its two-hundred day simple moving average is $49.44. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a market capitalization of $64.78 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 0.91 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. As a group, equities analysts predict that Truist Financial Corporation will post 4.51 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial's dividend payout ratio is presently 51.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stephens began coverage on Truist Financial in a research report on Monday, June 15th. They issued an "overweight" rating and a $59.00 price objective on the stock. Robert W. Baird downgraded Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a report on Friday, May 1st. Wall Street Zen downgraded Truist Financial from a "hold" rating to a "sell" rating in a report on Monday, June 29th. Royal Bank Of Canada raised 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, Citigroup cut shares of Truist Financial from a "buy" rating to a "neutral" rating and cut their price target for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $54.47.

Truist Financial Profile

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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.