Townsquare Capital LLC Increases Stock Position in Truist Financial Corporation (NYSE:TFC)

Key Points

• Townsquare Capital LLC increased its stake in Truist Financial Corporation by 6.5%, owning 107,608 shares valued at $4,428,000.
• Truist Financial announced a quarterly dividend of $0.52 per share, representing a dividend yield of 4.8%, with a dividend payout ratio of 56.68%.
• The company's shares opened at $43.08, with a market capitalization of $55.55 billion, though it reported a 406% decrease in revenue year-over-year.

Townsquare Capital LLC increased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 107,608 shares of the insurance provider's stock after acquiring an additional 6,591 shares during the period. Townsquare Capital LLC's holdings in Truist Financial were worth $4,428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital International Investors boosted its position in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after buying an additional 18,712,246 shares during the period. Victory Capital Management Inc. lifted its holdings in Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock worth $274,237,000 after buying an additional 6,012,817 shares during the period. Northern Trust Corp lifted its holdings 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 worth $626,154,000 after buying an additional 2,452,239 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock worth $109,537,000 after buying an additional 2,287,410 shares during the period. Finally, Azora Capital LP bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $90,247,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on TFC. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and raised their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Argus set a $43.00 target price on shares of Truist Financial in a report on Monday, April 21st. Stephens dropped their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, Barclays lowered their target price on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial Price Performance

Shares of Truist Financial stock traded up $1.20 during trading hours on Tuesday, reaching $44.03. The company's stock had a trading volume of 8,368,744 shares, compared to its average volume of 7,591,049. The firm has a 50 day moving average price of $43.02 and a 200-day moving average price of $41.93. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $56.77 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.60 and a beta of 0.87.

Truist Financial (NYSE:TFC - Get Free Report) last posted 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 business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The business's quarterly revenue was down 406.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares of the company's stock, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.14% of the company's stock.

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.