Bessemer Group Inc. decreased its stake in shares of Truist Financial Corporation (NYSE:TFC – Free Report) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,803,027 shares of the insurance provider’s stock after selling 90,952 shares during the quarter. Bessemer Group Inc.’s holdings in Truist Financial were worth $88,729,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of TFC. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter worth $28,000. Maseco LLP boosted its position in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its position in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 431 shares during the last quarter. Ancora Advisors LLC boosted its position in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the last quarter. Finally, Quest 10 Wealth Builders Inc. boosted its position in shares of Truist Financial by 2,178.4% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 806 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on TFC shares. Piper Sandler upped their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. TD Cowen upped their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, May 1st. Finally, Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $55.59.
Truist Financial Price Performance
TFC stock opened at $46.93 on Friday. Truist Financial Corporation has a 52 week low of $38.27 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a fifty day simple moving average of $47.78 and a two-hundred day simple moving average of $48.60. The firm has a market capitalization of $58.47 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 0.81 and a beta of 0.92.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business 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 earned $0.87 earnings per share. Truist Financial’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is 51.61%.
Truist Financial Company Profile
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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