Basswood Capital Management L.L.C. Purchases 133,947 Shares of Truist Financial Corporation $TFC

Basswood Capital Management L.L.C. lifted its position in Truist Financial Corporation (NYSE:TFC) by 60.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 356,977 shares of the insurance provider’s stock after buying an additional 133,947 shares during the period. Basswood Capital Management L.L.C.’s holdings in Truist Financial were worth $17,567,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Truist Financial in the second quarter worth approximately $575,000. AXA S.A. lifted its stake in shares of Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after buying an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC lifted its stake in shares of Truist Financial by 20.1% in the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after buying an additional 1,134 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.9%

TFC opened at $51.63 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1-year low of $38.83 and a 1-year high of $56.19. The company has a market capitalization of $64.33 billion, a PE ratio of 12.81, a PEG ratio of 0.88 and a beta of 0.89. The firm’s 50 day simple moving average is $49.10 and its two-hundred day simple moving average is $49.16.

Truist Financial (NYSE:TFC) last released its quarterly earnings results 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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same period last year, the firm earned $0.87 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.52 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TFC. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday. Royal Bank Of Canada increased their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Morgan Stanley lowered their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Finally, Jefferies Financial Group restated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell 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 $55.59.

About Truist Financial

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.