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

Hodges Capital Management Inc. increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 20.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,116 shares of the insurance provider’s stock after acquiring 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 SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Truist Financial in the 4th quarter worth approximately $307,787,000. Parnassus Investments LLC purchased a new stake in Truist Financial during the 4th quarter worth about $95,049,000. Azora Capital LP purchased a new position in Truist Financial during the 4th quarter valued at about $72,498,000. Charles Schwab Investment Management Inc. increased its position in shares of 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 buying an additional 1,458,248 shares during the period. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Truist Financial by 9,218.0% in the fourth quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock worth $44,496,000 after buying an additional 1,192,257 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC traded up $1.01 during mid-day trading 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. The firm’s fifty day moving average price is $37.89 and its two-hundred day moving average price is $37.13. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $40.51. The stock 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 company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was down 8.8% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS. On average, equities analysts forecast that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TFC. Keefe, Bruyette & Woods upped their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Evercore ISI reissued an “in-line” rating and issued a $44.00 price target on shares of Truist Financial in a research note on Thursday, May 9th. UBS Group raised their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research report on Monday, April 22nd. Finally, Stephens lifted their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.17.

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.