14 Cheap High Dividend Stocks to Buy Right Now

5. Truist Financial Corporation (NYSE:TFC)

Dividend Yield as of September 10: 4.44%

P/E Ratio: 12.69

Number of Hedge Fund Holders: 55

Truist Financial Corporation (NYSE:TFC) is one of the best dividend stocks to buy. On August 21, Wells Fargo downgraded Truist Financial from Overweight to Equal Weight, but left the price target at $47.

The downgrade follows Truist’s decision to initiate a five-year strategy focused on growth. Even though the plan does not set new financial metrics, it adheres to the goals of positive operating leverage and mid-teen ROTCE. The company has also paid dividends for 53 consecutive years, currently yielding 4.69%.

Truist is focusing on expansion by constructing new branches, upgrading old ones, and strengthening its digital presence. The bank is also targeting wealthy customers by increasing the number of Premier bankers, while expanding further into Texas, the Southeast, Philadelphia, and Washington, DC.

Wells Fargo highlighted that the Synovus merger could create some chances for Truist. At the same time, the firm criticized Truist’s track record, noting it has fallen short of goals and lagged competitors since its merger.

According to Wells Fargo, the plan leaves expense estimates unchanged, but success will hinge on whether Truist can actually sustain organic growth.