5 Cheap DRIP Stocks To Buy Now

4. Truist Financial Corporation (NYSE:TFC)

P/E Ratio as of December 21: 9.09
Share Price as of December 21: $36.21

Truist Financial Corporation (NYSE:TFC) is next on our list of the best DRIP stocks to own. The stock is priced attractively, with a price-to-earnings ratio of 9.09x, as of December 21. The company maintains an eight-year streak of consistent dividend growth and currently pays a quarterly dividend of $0.52 per share. Its dividend yield was recorded at 5.70% on December 21.

At the end of the third quarter of 2023, 47 hedge funds owned stakes in Truist Financial Corporation (NYSE:TFC), growing from 42 in the previous quarter, according to Insider Monkey’s database. These stakes are collectively valued at nearly $1 billion.

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