Auto Owners Insurance Co Has $506,000 Stock Holdings in Truist Financial Corporation (NYSE:TFC)

Auto Owners Insurance Co lessened its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 95.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 12,300 shares of the insurance provider's stock after selling 275,700 shares during the period. Auto Owners Insurance Co's holdings in Truist Financial were worth $506,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of TFC. Capital International Investors boosted its holdings in Truist Financial by 26.0% during the 4th 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 during the period. Norges Bank purchased a new position in shares of Truist Financial in the 4th quarter worth $402,828,000. Victory Capital Management Inc. lifted its position in Truist Financial by 922.9% during the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after purchasing an additional 6,012,817 shares in the last quarter. FMR LLC raised its holdings in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after acquiring an additional 5,457,053 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Truist Financial by 20.5% in the fourth 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 during the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on TFC shares. Wells Fargo & Company decreased their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Argus set a $43.00 target price on Truist Financial in a research report on Monday, April 21st. Raymond James Financial raised Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Finally, Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $48.72.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.23 on Wednesday. The company's fifty day simple moving average is $41.67 and its 200-day simple moving average is $42.04. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market cap of $59.22 billion, a PE ratio of 12.32, a P/E/G ratio of 1.61 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the business posted $0.91 earnings per share. Truist Financial's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is presently 56.68%.

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.

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