Letko Brosseau & Associates Inc. Buys 32,200 Shares of Truist Financial Corporation $TFC

Key Points

• Letko Brosseau & Associates increased its stake in Truist Financial by 1.9% in the fourth quarter, buying 32,200 additional shares and bringing its total holding to 1,696,756 shares worth about $83.5 million.
• Truist Financial reported better-than-expected quarterly results, posting earnings of $1.09 per share versus analyst estimates of $1.00, with revenue of $5.20 billion that also slightly topped expectations.
• The company recently paid a quarterly dividend of $0.52 per share, equal to an annualized yield of 4.2%, while Wall Street currently rates the stock a Moderate Buy with an average price target of $55.59.

Letko Brosseau & Associates Inc. lifted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,696,756 shares of the insurance provider's stock after buying an additional 32,200 shares during the period. Truist Financial comprises 1.4% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 26th biggest holding. Letko Brosseau & Associates Inc. owned approximately 0.13% of Truist Financial worth $83,497,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its stake in shares of Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider's stock valued at $7,728,000 after buying an additional 26,530 shares during the period. Versor Investments LP lifted its stake in shares of Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider's stock valued at $1,143,000 after buying an additional 9,800 shares during the period. Cibc World Market Inc. lifted its stake in shares of Truist Financial by 17.2% in the third quarter. Cibc World Market Inc. now owns 174,041 shares of the insurance provider's stock valued at $7,957,000 after buying an additional 25,590 shares during the period. Edgemoor Investment Advisors Inc. bought a new stake in shares of Truist Financial in the third quarter valued at about $1,061,000. Finally, Pinnacle Financial Partners Inc. lifted its stake in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider's stock valued at $7,994,000 after buying an additional 40,393 shares during the period. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $49.37 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $61.51 billion, a P/E ratio of 12.25, a P/E/G ratio of 0.84 and a beta of 0.89. The firm has a 50 day simple moving average of $48.80 and a 200 day simple moving average of $49.07. Truist Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results 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 for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share. Sell-side analysts predict that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.52 dividend. 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 4.2%. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings raised shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Robert W. Baird lowered shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a research report on Friday, May 1st. Morgan Stanley dropped their price target on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Finally, Royal Bank Of Canada increased their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Company 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.

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