Hennessy Advisors Inc. Purchases 5,500 Shares of Truist Financial Co. (NYSE:TFC)

Hennessy Advisors Inc. increased its position in shares of Truist Financial Co. (NYSE:TFC) by 20.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,500 shares of the insurance provider’s stock after acquiring an additional 5,500 shares during the quarter. Hennessy Advisors Inc.’s holdings in Truist Financial were worth $1,337,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter worth $26,000. Navigoe LLC acquired a new stake in Truist Financial in the fourth quarter worth about $26,000. Curio Wealth LLC acquired a new stake in Truist Financial in the fourth quarter worth about $45,000. TCTC Holdings LLC boosted its holdings in Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock worth $57,000 after acquiring an additional 287 shares in the last quarter. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial in the fourth quarter worth about $57,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 2.5%

Shares of TFC opened at $38.94 on Monday. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a market capitalization of $50.99 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. The stock has a fifty day simple moving average of $38.77 and a two-hundred day simple moving average of $42.34. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the company earned $0.90 EPS. As a group, equities analysts forecast that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date was Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

Analysts Set New Price Targets

Several brokerages have weighed in on TFC. Keefe, Bruyette & Woods lowered their price target on Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Raymond James downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Stephens lowered their price target on Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Citigroup lowered their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

Truist Financial 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.