Diamond Hill Capital Management LLC Investment Advisor Takes $37.01 Million Position in Truist Financial Corporation $TFC

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Truist Financial Corporation (NYSE:TFC) in the second quarter, HoldingsChannel.com reports. The fund purchased 742,871 shares of the insurance provider’s stock, valued at approximately $37,010,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the 4th quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the fourth quarter valued at approximately $26,000. McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter valued at approximately $31,000. Mowery & Schoenfeld Wealth Management LLC raised its position in Truist Financial by 190.7% during 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 in the last quarter. Finally, Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Robert W. Baird upped their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $54.67.

Truist Financial Price Performance

Shares of TFC opened at $53.08 on Monday. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $64.84 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.12 and a beta of 0.89. The firm’s 50-day simple moving average is $51.13 and its two-hundred day simple moving average is $49.80.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period last year, the business earned $0.91 EPS. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio (DPR) is 47.71%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director owned 10,270 shares of the company’s stock, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

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.