Driehaus Capital Management LLC Buys 6,465 Shares of Truist Financial Co. (NYSE:TFC)

Driehaus Capital Management LLC raised its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 42.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,719 shares of the insurance provider's stock after purchasing an additional 6,465 shares during the quarter. Driehaus Capital Management LLC's holdings in Truist Financial were worth $942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the 4th quarter worth approximately $26,000. Navigoe LLC purchased a new position in shares of Truist Financial in the fourth quarter worth $26,000. Curio Wealth LLC purchased a new position in shares of Truist Financial in the fourth quarter worth $45,000. City State Bank increased its stake in shares of Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider's stock worth $51,000 after buying an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth $55,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Down 0.3%

Truist Financial stock traded down $0.14 during mid-day trading on Wednesday, reaching $41.21. The stock had a trading volume of 6,461,191 shares, compared to its average volume of 8,191,459. The company has a market capitalization of $53.97 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.63 and a beta of 0.83. The company has a 50-day moving average price of $38.80 and a two-hundred day moving average price of $43.27. Truist Financial Co. 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 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same quarter in the previous year, the business posted $0.90 EPS. On average, analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.05%. The ex-dividend date of this dividend is Friday, May 9th. Truist Financial's dividend payout ratio is currently 61.36%.

Analyst Upgrades and Downgrades

TFC has been the topic of several analyst reports. Argus set a $43.00 target price on shares of Truist Financial in a research note on Monday, April 21st. Morgan Stanley decreased their target price on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Raymond James downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their price objective on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Barclays reduced their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.06.

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.