First Trust Direct Indexing L.P. Increases Stake in Truist Financial Co. (NYSE:TFC)

First Trust Direct Indexing L.P. grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 81.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,958 shares of the insurance provider’s stock after acquiring an additional 13,462 shares during the period. First Trust Direct Indexing L.P.’s holdings in Truist Financial were worth $1,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in Truist Financial in the 3rd quarter worth $26,000. Operose Advisors LLC purchased a new position in Truist Financial in the 3rd quarter worth approximately $31,000. Tyler Stone Wealth Management bought a new position in Truist Financial in the 3rd quarter worth approximately $33,000. Morton Brown Family Wealth LLC grew its stake in Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 649 shares in the last quarter. Finally, Authentikos Wealth Advisory LLC bought a new stake in shares of Truist Financial in the third quarter worth about $36,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Truist Financial stock opened at $38.85 on Friday. The firm has a 50-day moving average of $37.08 and a two-hundred day moving average of $35.07. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 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 quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 EPS. Equities analysts anticipate that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, April 5th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Thursday. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Royal Bank of Canada increased their price target on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Finally, Stephens reissued an “overweight” rating and set a $43.00 price objective on shares of Truist Financial in a research note on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $41.88.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by company insiders.

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.