Reliant Investment Management LLC Acquires New Stake in Truist Financial Co. (NYSE:TFC)

Reliant Investment Management LLC acquired a new stake in shares of Truist Financial Co. (NYSE:TFC) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,139 shares of the insurance provider’s stock, valued at approximately $200,000.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Truist Financial by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock worth $3,355,141,000 after buying an additional 365,871 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares in the last quarter. Royal Bank of Canada boosted its position in Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock valued at $440,162,000 after purchasing an additional 732,801 shares in the last quarter. Morgan Stanley boosted its position in Truist Financial by 0.3% during the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after purchasing an additional 39,510 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Truist Financial by 11.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock valued at $322,395,000 after purchasing an additional 883,416 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TFC shares. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Barclays started coverage on Truist Financial in a research note on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price target for the company. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Wednesday. Piper Sandler increased their price target on Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Finally, JPMorgan Chase & Co. increased their price target on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Trading Up 2.7 %

NYSE:TFC traded up $1.01 on Friday, reaching $38.85. The company’s stock had a trading volume of 9,600,184 shares, compared to its average volume of 7,012,324. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $40.51. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market cap of $51.99 billion, a price-to-earnings ratio of -29.43, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. The stock has a 50 day moving average price of $37.89 and a 200 day moving average price of $37.13.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.09 EPS. On average, equities analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio is presently -157.58%.

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.