O Shaughnessy Asset Management LLC Purchases 212,702 Shares of Truist Financial Corporation $TFC

O Shaughnessy Asset Management LLC boosted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 25.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,040,616 shares of the insurance provider’s stock after purchasing an additional 212,702 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Truist Financial were worth $51,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Oppenheimer & Co. Inc. increased its stake in shares of Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after purchasing an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Truist Financial by 2.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after purchasing an additional 10,706 shares in the last quarter. Versor Investments LP increased its stake in shares of Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after purchasing an additional 9,800 shares in the last quarter. Cibc World Market Inc. increased its stake in shares of Truist Financial by 17.2% in the third quarter. Cibc World Market Inc. now owns 174,041 shares of the insurance provider’s stock worth $7,957,000 after purchasing an additional 25,590 shares in the last quarter. Finally, Edgemoor Investment Advisors Inc. purchased a new stake in shares of Truist Financial in the third quarter worth $1,061,000. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of a number of analyst reports. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Morgan Stanley reduced their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Finally, Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Stock Performance

TFC opened at $49.24 on Monday. The stock has a market capitalization of $61.35 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.84 and a beta of 0.89. The company has a fifty day moving average of $48.63 and a 200 day moving average of $49.00. Truist Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company posted $0.87 earnings per share. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.