Crestline Management LP acquired a new stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 203,309 shares of the insurance provider's stock, valued at approximately $8,820,000.
Several other hedge funds have also recently made changes to their positions in TFC. Cetera Investment Advisers raised its stake in shares of Truist Financial by 4.6% in the fourth quarter. Cetera Investment Advisers now owns 474,619 shares of the insurance provider's stock worth $20,589,000 after purchasing an additional 21,068 shares during the last quarter. BOKF NA raised its position in Truist Financial by 10.8% during the 4th quarter. BOKF NA now owns 270,531 shares of the insurance provider's stock worth $11,573,000 after buying an additional 26,273 shares during the last quarter. Bridgefront Capital LLC lifted its stake in Truist Financial by 114.6% during the 4th quarter. Bridgefront Capital LLC now owns 46,216 shares of the insurance provider's stock valued at $2,005,000 after acquiring an additional 24,682 shares during the period. Cary Street Partners Financial LLC purchased a new stake in shares of Truist Financial in the 4th quarter valued at $2,921,000. Finally, Brown Advisory Inc. increased its stake in shares of Truist Financial by 0.7% in the fourth quarter. Brown Advisory Inc. now owns 275,869 shares of the insurance provider's stock worth $11,967,000 after acquiring an additional 2,017 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts recently issued reports on the stock. Stephens lowered their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Barclays lowered their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. JPMorgan Chase & Co. reduced their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Baird R W upgraded Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Finally, Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.83.
Check Out Our Latest Research Report on TFC
Truist Financial Price Performance
Shares of NYSE:TFC traded up $0.18 during midday trading on Friday, hitting $39.22. The company's stock had a trading volume of 538,799 shares, compared to its average volume of 8,142,566. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a market cap of $51.37 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50 day simple moving average is $38.95 and its 200 day simple moving average is $43.33.
Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the previous year, the firm posted $0.90 EPS. On average, analysts forecast that Truist Financial Co. will post 4 EPS for the current year.
Truist Financial Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.30%. Truist Financial's payout ratio is 61.36%.
Truist Financial Company Profile
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Free Report)
Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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