ABC Arbitrage SA bought a new position in shares of Truist Financial Corporation (NYSE:TFC – Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 62,866 shares of the insurance provider’s stock, valued at approximately $3,094,000.
Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Woodline Partners LP raised its position in shares of Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Truist Financial in the 2nd quarter worth $575,000. AXA S.A. lifted its stake in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC boosted its position in Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.
Wall Street Analysts Forecast Growth
TFC has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a report on Friday, May 1st. Piper Sandler boosted their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. TD Cowen increased their target price on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $55.59.
Truist Financial Price Performance
Shares of TFC opened at $47.96 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The company’s fifty day moving average price is $47.96 and its 200-day moving average price is $48.54. Truist Financial Corporation has a 1-year low of $38.27 and a 1-year high of $56.19. The firm has a market capitalization of $59.75 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 0.84 and a beta of 0.92.
Truist Financial (NYSE:TFC – Get Free Report) last issued its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business posted $0.87 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.52 EPS for the current year.
Truist Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.
About Truist Financial
Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.
Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.
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