Modern Wealth Management LLC lifted its position in Truist Financial Corporation (NYSE:TFC – Free Report) by 169.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,767 shares of the insurance provider’s stock after buying an additional 9,912 shares during the period. Modern Wealth Management LLC’s holdings in Truist Financial were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of TFC. Vanguard Group Inc. lifted its holdings in Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after acquiring an additional 701,049 shares during the period. Capital International Investors grew its stake in shares of Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after purchasing an additional 715,433 shares during the period. Victory Capital Management Inc. increased its position in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares during the last quarter. Morgan Stanley lifted its stake in shares of Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the period. Finally, Auto Owners Insurance Co lifted its stake in shares of Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the period. Institutional investors own 71.28% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently issued reports on the stock. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Finally, Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.61.
Truist Financial Stock Down 0.0%
TFC stock opened at $51.75 on Monday. The business’s 50-day moving average price is $49.81 and its 200-day moving average price is $49.56. The stock has a market cap of $64.48 billion, a P/E ratio of 11.87, a PEG ratio of 0.94 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 0.73. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.
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, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the prior year, the firm posted $0.91 EPS. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current year.
Truist Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is presently 47.71%.
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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