10 Best Bank Stocks With High Dividends

4. Truist Financial Corporation (NYSE:TFC)

Dividend Yield as of December 6: 4.41%

Number of Hedge Fund Holders: 45

Truist Financial Corporation (NYSE:TFC) provides a range of banking and financial services across the Southeastern and Mid-Atlantic US. The company offers several deposit products, lending services, wealth management, insurance, and investment solutions. According to a recent SEC filing in December, Boyer K. David Jr., a director at Truist Financial Corp, sold 4,966 shares of the company’s stock at an average price of $46.203, amounting to about $229,444. After the sale, Boyer still owns 11,245 shares directly and holds another 4,071 shares through a trust.

On a positive note, Truist Financial Corporation (NYSE:TFC) returned $1.2 billion in capital to its shareholders in Q3, which includes a common dividend and the repurchase of $500 million in common stock, as part of the $5 billion repurchase plan approved by the board at the end of June 2024. The company has shelled out dividend payments for 52 consecutive years. Given its solid dividend potential, Truist Financial Corporation (NYSE:TFC) is placed 4th on our list of the best bank stocks.

Beyond rewarding shareholders, Truist is also focused on giving back to the community. The company has rolled out a new initiative, Truist Cares for Western North Carolina, pledging $725 million over the next three years to help the region recover from Hurricane Helene. The funding will go towards supporting small businesses, housing, and infrastructure, with a mix of capital for local businesses, donations from the Truist Foundation, and support from Truist employees. The bank will work closely with local partners and organizations to figure out what the community needs most and tailor its efforts accordingly. The first resources should be available by December 2024.

In Q3 2024, Truist Financial Corporation (NYSE:TFC) saw its best capital markets performance since 2021, with a 79% year-over-year increase in investment banking revenues. The bank reached record highs in areas like equity capital markets and asset securitization, thanks to stronger client relationships and strategic hires. TFC feels that with its strong capital position right now, it is in a great spot to use future earnings and capital gains to drive balance sheet growth and return a substantial amount of capital to shareholders.

During the third quarter of 2024, Harris Associates was the largest stakeholder of Truist Financial Corporation (NYSE:TFC), owning a position worth around $233.5 million. Overall, 45 hedge funds held long positions in the stock.