Ritholtz Wealth Management Acquires 19,150 Shares of Truist Financial Corporation $TFC

Ritholtz Wealth Management grew its holdings in Truist Financial Corporation (NYSE:TFC) by 41.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,899 shares of the insurance provider’s stock after buying an additional 19,150 shares during the period. Ritholtz Wealth Management’s holdings in Truist Financial were worth $2,983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kemnay Advisory Services Inc. acquired a new stake in Truist Financial during the 4th quarter valued at $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial in the fourth quarter valued at $26,000. McMillan Office Inc. acquired a new position in shares of Truist Financial in the fourth quarter valued at $31,000. Maseco LLP raised its position in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC raised its position in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Down 0.4%

TFC stock opened at $50.48 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company’s 50-day simple moving average is $49.17 and its 200 day simple moving average is $49.34. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a market capitalization of $62.90 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.87 EPS. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4.5 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, May 1st. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a report on Friday, April 17th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Stephens began coverage on Truist Financial in a report on Monday, June 15th. They set an “overweight” rating and a $59.00 price objective for the company. Finally, Morgan Stanley decreased their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

Truist Financial 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.