Inceptionr LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC – Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 42,748 shares of the insurance provider’s stock, valued at approximately $1,965,000. Truist Financial comprises about 0.5% of Inceptionr LLC’s portfolio, making the stock its 17th largest holding.
A number of other hedge funds have also bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Truist Financial in the 2nd quarter worth about $575,000. AXA S.A. lifted its holdings in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC lifted its holdings in Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after buying an additional 1,134 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on TFC shares. Royal Bank Of Canada increased their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday. Evercore reaffirmed an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Finally, Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $54.61.
Truist Financial Trading Down 1.1%
NYSE:TFC opened at $51.18 on Friday. The company has a market capitalization of $63.77 billion, a P/E ratio of 11.74, a PEG ratio of 0.94 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The firm has a fifty day simple moving average of $49.72 and a 200-day simple moving average of $49.55.
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the firm earned $0.91 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. On average, equities research analysts anticipate that Truist Financial Corporation will post 4.59 earnings per share for the current year.
Truist Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.
Truist Financial 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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