Hilton Head Capital Partners LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC – Free Report) in the fourth quarter, HoldingsChannel reports. The fund purchased 41,249 shares of the insurance provider’s stock, valued at approximately $2,030,000. Truist Financial comprises about 1.2% of Hilton Head Capital Partners LLC’s investment portfolio, making the stock its 16th biggest position.
A number of other institutional investors have also recently made changes to their positions in TFC. Vanguard Group Inc. increased its position in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares during the period. Capital International Investors increased its position in shares of Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after acquiring an additional 715,433 shares during the period. Bank of New York Mellon Corp increased its position in shares of Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after acquiring an additional 2,867,449 shares during the period. Wellington Management Group LLP increased its position in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Finally, Norges Bank purchased a new position in shares of Truist Financial during the fourth quarter worth approximately $502,340,000. Institutional investors own 71.28% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Wall Street Zen raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $55.59.
Truist Financial Stock Up 0.1%
TFC opened at $49.24 on Monday. Truist Financial Corporation has a twelve month low of $38.83 and a twelve month 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 50-day moving average price of $48.63 and a 200 day moving average price of $49.00. The company has a market cap of $61.35 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping 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 firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. 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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