Diamant Asset Management Inc. Increases Stake in Truist Financial Corporation $TFC

Diamant Asset Management Inc. raised its position in Truist Financial Corporation (NYSE:TFC) by 1,468.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 472,388 shares of the insurance provider’s stock after purchasing an additional 442,267 shares during the period. Diamant Asset Management Inc.’s holdings in Truist Financial were worth $2,172,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares during the last quarter. Woodline Partners LP increased its stake in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial during the second quarter worth approximately $575,000. AXA S.A. lifted its position in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after buying an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC lifted its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after buying an additional 1,134 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent analyst reports. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Sunday, June 21st. Morgan Stanley cut their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Finally, Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.79.

Truist Financial Price Performance

TFC stock opened at $50.48 on Friday. The firm has a 50 day moving average of $49.17 and a 200-day moving average of $49.34. The company has a market cap of $62.90 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 0.86 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio is 51.61%.

Truist Financial Company Profile

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.