Hodges Capital Management Inc. Raises Position in Truist Financial Co. (NYSE:TFC)

Hodges Capital Management Inc. increased its stake in Truist Financial Co. (NYSE:TFC) by 68.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,367 shares of the insurance provider’s stock after purchasing an additional 11,083 shares during the quarter. Hodges Capital Management Inc.’s holdings in Truist Financial were worth $1,187,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. AMF Tjanstepension AB purchased a new stake in Truist Financial in the 3rd quarter worth approximately $3,208,000. Czech National Bank boosted its position in shares of Truist Financial by 7.0% in the third quarter. Czech National Bank now owns 272,797 shares of the insurance provider’s stock worth $11,668,000 after purchasing an additional 17,811 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Truist Financial by 0.6% in the third quarter. Handelsbanken Fonder AB now owns 279,139 shares of the insurance provider’s stock worth $11,939,000 after purchasing an additional 1,591 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Truist Financial by 29.7% during the 3rd quarter. GAMMA Investing LLC now owns 24,308 shares of the insurance provider’s stock valued at $1,040,000 after buying an additional 5,572 shares in the last quarter. Finally, Traveka Wealth LLC bought a new position in Truist Financial in the 3rd quarter worth $244,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on TFC shares. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Barclays boosted their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Citigroup increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Morgan Stanley boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Finally, UBS Group raised their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Eleven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Trading Down 1.5 %

Shares of TFC opened at $46.92 on Tuesday. The company’s fifty day simple moving average is $45.55 and its 200-day simple moving average is $44.11. The company has a market cap of $62.29 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.69 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. As a group, analysts expect that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Truist Financial Company Profile

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.