Bank of New York Mellon Corp grew its position in shares of Truist Financial Corporation (NYSE:TFC – Free Report) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,289,721 shares of the insurance provider’s stock after acquiring an additional 789,179 shares during the quarter. Bank of New York Mellon Corp’s holdings in Truist Financial were worth $518,988,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kemnay Advisory Services Inc. acquired a new stake in Truist Financial in the 4th quarter valued at $25,000. Swiss RE Ltd. bought a new stake in Truist Financial during the 4th quarter valued at $26,000. McMillan Office Inc. acquired a new position in Truist Financial during the fourth quarter worth $31,000. Maseco LLP raised its holdings in 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 buying an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its stake in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after buying an additional 431 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on TFC shares. Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Friday, May 1st. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Stephens initiated coverage on Truist Financial in a research note on Monday, June 15th. They set an “overweight” rating and a $59.00 price target for the company. Finally, Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.47.
Truist Financial Price Performance
Shares of NYSE TFC opened at $53.08 on Friday. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The stock’s 50 day moving average price is $49.33 and its 200-day moving average price is $49.48. The company has a market capitalization of $66.13 billion, a PE ratio of 13.17, a PEG ratio of 0.93 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $0.87 earnings per share. On average, equities analysts anticipate that Truist Financial Corporation will post 4.51 EPS for the current year.
Truist Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio 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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