Alta Advisers Ltd Takes Position in Truist Financial Corporation (NYSE:TFC)

Alta Advisers Ltd purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,350 shares of the insurance provider's stock, valued at approximately $261,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank increased its stake in Truist Financial by 3.6% during the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after acquiring an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock valued at $48,085,000 after purchasing an additional 498,531 shares during the period. Cantor Fitzgerald Investment Advisors L.P. grew its stake in shares of Truist Financial by 4.6% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock valued at $17,927,000 after purchasing an additional 19,286 shares during the period. Stifel Financial Corp grew its stake in shares of Truist Financial by 2.8% in the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after purchasing an additional 60,848 shares during the period. Finally, Glass Wealth Management Co LLC grew its stake in shares of Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider's stock valued at $2,949,000 after purchasing an additional 5,900 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 0.4%

NYSE:TFC traded up $0.20 during trading hours on Friday, hitting $45.23. 5,612,374 shares of the stock were exchanged, compared to its average volume of 8,262,880. The company's 50 day moving average is $40.44 and its two-hundred day moving average is $41.95. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $59.23 billion, a P/E ratio of 13.34, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business earned $0.90 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio is 61.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TFC shares. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Stephens lowered their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and upped their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley lowered their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Finally, Barclays lowered their price objective 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. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Profile

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.