Diamond Hill Capital Management Inc. Sells 51,887 Shares of Truist Financial Co. (NYSE:TFC)

Diamond Hill Capital Management Inc. lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 549,004 shares of the insurance provider’s stock after selling 51,887 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Truist Financial were worth $23,816,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bangor Savings Bank raised its position in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the third quarter worth $26,000. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial during the fourth quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial during the third quarter worth $32,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Truist Financial during the 3rd quarter valued at $45,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TFC. Wells Fargo & Company lifted their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. The Goldman Sachs Group upped their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Barclays upped their price objective on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $51.16.

Truist Financial Price Performance

NYSE TFC opened at $39.43 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12-month low of $34.51 and a 12-month high of $49.06. The company has a market capitalization of $51.48 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The firm’s 50 day moving average is $45.45 and its 200-day moving average is $44.58.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period last year, the company earned $0.81 earnings per share. The firm’s revenue was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.27%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

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.