Hotchkis & Wiley Capital Management LLC Raises Stake in Truist Financial Corporation $TFC

Key Points

• Hotchkis & Wiley Capital Management LLC has increased its stake in Truist Financial Corporation by 9.3%, owning approximately 4.34 million shares valued at $178.7 million.
• Multiple institutional investors have also raised their stakes in Truist Financial, with a significant increase of 148.5% by Brighton Jones LLC in the last quarter.
• Truist Financial has recently announced a quarterly dividend of $0.52 per share, representing an annualized yield of 4.5%, with a dividend payout ratio of approximately 56.68%.

Hotchkis & Wiley Capital Management LLC increased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,342,819 shares of the insurance provider's stock after purchasing an additional 368,145 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.33% of Truist Financial worth $178,707,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after acquiring an additional 2,452,239 shares during the last quarter. Invesco Ltd. boosted its stake in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after acquiring an additional 3,188,999 shares during the last quarter. American Century Companies Inc. boosted its stake in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock valued at $495,509,000 after acquiring an additional 2,158,639 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Truist Financial by 13.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock valued at $465,827,000 after buying an additional 1,307,252 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in Truist Financial by 0.9% during the 1st quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after acquiring an additional 89,373 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial 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 sale, the insider owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TFC. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 target price on shares of Truist Financial in a report on Thursday. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target on the stock. in a report on Wednesday, July 9th. Finally, Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a report on Monday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Truist Financial Stock Down 0.3%

TFC stock traded down $0.12 during midday trading on Monday, hitting $45.79. The company's stock had a trading volume of 8,024,045 shares, compared to its average volume of 6,232,270. The firm's 50-day moving average is $43.89 and its 200-day moving average is $41.71. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $59.04 billion, a PE ratio of 12.48, a P/E/G ratio of 1.71 and a beta of 0.87. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analysts' expectations 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 was down 406.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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 is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

About Truist Financial

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.