Ritholtz Wealth Management Acquires 1,110 Shares of Truist Financial Corporation (NYSE:TFC)

Ritholtz Wealth Management boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 19.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,738 shares of the insurance provider’s stock after buying an additional 1,110 shares during the period. Ritholtz Wealth Management’s holdings in Truist Financial were worth $277,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital International Investors lifted its stake in shares of Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Norges Bank bought a new position in Truist Financial in the fourth quarter worth about $402,828,000. FMR LLC lifted its position in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after buying an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial during the fourth quarter valued at about $198,051,000. Finally, Northern Trust Corp boosted its holdings in shares of Truist Financial by 20.5% in the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after buying an additional 2,452,239 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.1%

NYSE:TFC opened at $40.25 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty day moving average price is $39.09 and its 200-day moving average price is $42.15. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market capitalization of $52.71 billion, a P/E ratio of 11.87, a PEG ratio of 1.48 and a beta of 0.84.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.17%. Truist Financial’s payout ratio is 61.36%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. JPMorgan Chase & Co. reduced their price target on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Citigroup decreased their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley lowered their price target on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. Finally, Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine 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 data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and an average target price of $47.83.

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.