Hodges Capital Management Inc. Grows Holdings in Truist Financial Co. (NYSE:TFC)

Hodges Capital Management Inc. boosted its holdings in Truist Financial Co. (NYSE:TFC) by 20.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,116 shares of the insurance provider’s stock after purchasing an additional 1,208 shares during the quarter. Hodges Capital Management Inc.’s holdings in Truist Financial were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Bleakley Financial Group LLC boosted its holdings in Truist Financial by 6.1% in the fourth quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after purchasing an additional 1,731 shares during the last quarter. Natixis Advisors L.P. lifted its position in shares of Truist Financial by 30.9% during the fourth quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after purchasing an additional 88,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Truist Financial by 53.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares during the last quarter. Parnassus Investments LLC acquired a new position in Truist Financial in the fourth quarter valued at approximately $95,049,000. Finally, Rafferty Asset Management LLC lifted its holdings in shares of Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after purchasing an additional 382,976 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of TFC traded up $1.01 during midday trading on Friday, hitting $38.85. 9,600,184 shares of the company traded hands, compared to its average volume of 7,012,324. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.51. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $51.99 billion, a P/E ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.06. The stock has a 50-day moving average of $37.89 and a 200-day moving average of $37.13.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results 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 business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.09 earnings per share. As a group, sell-side analysts predict that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. The ex-dividend date of this dividend 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%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TFC. UBS Group raised their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Citigroup boosted their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group increased their target price on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.17.

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.