Sanders Capital LLC has increased its investment in Truist Financial Corporation by 0.4% during the second quarter of 2023, as detailed in its recent 13F filing with the Securities and Exchange Commission. This adjustment means that Sanders Capital now holds 2,173,042 shares of the bank’s stock, having acquired an additional 7,580 shares in this period. The total stake is valued at approximately $93.4 million, representing about 0.17% of Truist Financial.
Other institutional investors have also modified their positions in Truist Financial. Foster Victor Wealth Advisors LLC increased its holdings by 0.4%, bringing its total to 62,087 shares worth $2.8 million after purchasing 242 additional shares. Similarly, MGO One Seven LLC raised its stake by 0.9% to own 28,849 shares valued at $1.24 million after acquiring 246 shares.
Klingman & Associates LLC and Haverford Trust Co have also made incremental increases in their stakes. Klingman & Associates boosted its position by 2.2%, now holding 11,756 shares worth $484,000, while Haverford Trust Co grew its holdings by 3.5% to 7,751 shares valued at $319,000. Keystone Financial Group Inc. also raised its stake by 1.3%, with a total of 21,283 shares worth $942,000. Institutional investors and hedge funds collectively own approximately 71.28% of Truist Financial stock.
Analyst Insights and Stock Performance
Truist Financial has recently been the subject of various research upgrades and downgrades. On October 21, 2023, UBS Group set a price target of $55.00. Raymond James Financial reiterated an “outperform” rating on October 7, while Evercore ISI increased its price target from $48.00 to $50.00. Conversely, Wall Street Zen downgraded the stock from a “hold” to a “sell” rating on November 8. Currently, two analysts classify the stock with a “Strong Buy” rating, nine have a “Buy” rating, and seven have assigned a “Hold” rating. According to MarketBeat, Truist Financial holds a consensus rating of “Moderate Buy” with a target price of $50.59.
As of recent trading, Truist Financial shares opened at $44.82, reflecting a decrease of 1.1%. The company has a market capitalization of $57.33 billion and a price-to-earnings (P/E) ratio of 12.05. Over the past year, the stock has seen a low of $33.56 and a high of $49.06.
Recent Earnings and Dividend Announcement
Truist Financial reported its quarterly earnings results on October 17, 2023, announcing earnings per share (EPS) of $1.04, surpassing the consensus estimate of $0.99 by $0.05. The company achieved a net margin of 16.84% and a return on equity of 8.73%, with total revenue for the quarter reaching $5.24 billion, slightly above analysts’ expectations of $5.20 billion. This represents a 1.9% year-over-year increase.
Additionally, Truist Financial has declared a quarterly dividend of $0.52 per share, set to be paid on December 1, 2023, to investors of record on November 14, 2023. This dividend announcement translates to an annualized payment of $2.08 and a dividend yield of 4.6%. The current payout ratio stands at 55.91%.
Truist Financial Corporation, headquartered in the Southeastern and Mid-Atlantic regions of the United States, offers a range of financial services, including banking and trust services. The company operates in three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products encompass checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.
