Ascent Group LLC Increases Stock Position in Truist Financial Co. (NYSE:TFC)

Ascent Group LLC lifted its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 318.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,578 shares of the insurance provider's stock after acquiring an additional 15,660 shares during the quarter. Ascent Group LLC's holdings in Truist Financial were worth $893,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital International Investors raised its holdings 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 valued at $3,930,983,000 after acquiring an additional 18,712,246 shares in the last quarter. Norges Bank purchased a new position in Truist Financial during the 4th quarter valued at about $402,828,000. FMR LLC raised its holdings in shares of Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $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 in the 4th quarter worth approximately $198,051,000. Finally, Northern Trust Corp boosted its stake in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

TFC traded up $0.21 on Thursday, reaching $39.55. 6,824,147 shares of the stock were exchanged, compared to its average volume of 8,271,565. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company's 50-day moving average price is $38.68 and its 200 day moving average price is $43.00. The firm has a market capitalization of $51.79 billion, a PE ratio of 11.88, a PEG ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. As a group, sell-side analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. Truist Financial's payout ratio is currently 61.36%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Argus set a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 21st. Keefe, Bruyette & Woods reduced their price target on Truist Financial from $53.00 to $47.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. dropped their price objective on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Finally, TD Cowen started coverage on shares of Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price target for the company. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial Company 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.