South State CORP. cut its position in Truist Financial Co. (NYSE:TFC) by 1.7% in the first quarter, Holdings Channel reports. The firm owned 46,572 shares of the insurance provider’s stock after selling 788 shares during the period. South State CORP.’s holdings in Truist Financial were worth $2,716,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in TFC. Atlas Private Wealth Advisors boosted its position in shares of Truist Financial by 890.9% in the 1st quarter. Atlas Private Wealth Advisors now owns 436 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 392 shares during the period. Evolution Wealth Advisors LLC lifted its position in Truist Financial by 274.1% during the 1st quarter. Evolution Wealth Advisors LLC now owns 505 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 370 shares during the period. RWM Asset Management LLC acquired a new stake in Truist Financial during the 4th quarter worth approximately $30,000. Mascoma Wealth Management LLC acquired a new stake in Truist Financial during the 1st quarter worth approximately $30,000. Finally, Sterling Financial Planning Inc. acquired a new stake in Truist Financial during the 4th quarter worth approximately $36,000. 71.96% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the company. Compass Point increased their price objective on Truist Financial from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, May 18th. Stephens raised their price target on Truist Financial from $54.00 to $66.00 in a report on Tuesday, March 30th. JPMorgan Chase & Co. raised their price target on Truist Financial from $60.50 to $63.00 in a report on Monday, May 3rd. Morgan Stanley raised their price target on Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, March 24th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Truist Financial from $56.00 to $65.00 in a report on Monday, March 15th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Truist Financial presently has an average rating of “Hold” and a consensus target price of $58.27.
Truist Financial stock opened at $58.21 on Friday. Truist Financial Co. has a fifty-two week low of $33.47 and a fifty-two week high of $62.69. The business’s fifty day moving average is $59.70. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $78.28 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35.
Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, April 14th. The insurance provider reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.07. Truist Financial had a return on equity of 9.48% and a net margin of 20.04%. The business had revenue of $5.48 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The business’s revenue was down 2.1% on a year-over-year basis. Research analysts anticipate that Truist Financial Co. will post 4.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Friday, May 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Thursday, May 13th. Truist Financial’s payout ratio is currently 47.37%.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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.
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