Arvest Investments Inc. Acquires 6,484 Shares of Truist Financial Co. (NYSE:TFC)

Arvest Investments Inc. grew its position in Truist Financial Co. (NYSE:TFC - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,223 shares of the insurance provider's stock after buying an additional 6,484 shares during the quarter. Arvest Investments Inc.'s holdings in Truist Financial were worth $1,696,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors lifted its position in shares of Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares in the last quarter. Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $402,828,000. FMR LLC lifted its position in shares of Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial during the 4th quarter worth about $198,051,000. Finally, Northern Trust Corp raised its stake in shares of Truist Financial by 20.5% during the 4th quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE TFC traded down $1.00 during mid-day trading on Friday, reaching $38.94. The company had a trading volume of 6,465,713 shares, compared to its average volume of 8,283,325. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The firm has a market cap of $50.99 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.63 and a beta of 0.84. The business's 50-day simple moving average is $38.77 and its 200 day simple moving average is $42.38.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the business posted $0.90 earnings per share. On average, research analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 61.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TFC shares. Piper Sandler dropped their price objective on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Stephens dropped their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Argus set a $43.00 price objective on Truist Financial in a report on Monday, April 21st. Wells Fargo & Company dropped their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Finally, Barclays dropped their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

About Truist Financial

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.