Balentine LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,013 shares of the insurance provider's stock, valued at approximately $412,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Comerica Bank boosted its stake in shares of Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after acquiring an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Truist Financial by 81.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after acquiring an additional 498,531 shares in the last quarter. Code Waechter LLC purchased a new stake in shares of Truist Financial during the 1st quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in 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 buying an additional 19,286 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in 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 buying an additional 60,848 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Stephens decreased their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. JPMorgan Chase & Co. cut their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. Finally, Argus set a $43.00 target price on shares of Truist Financial in a report on Monday, April 21st. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and an average price target of $48.44.
Get Our Latest Report on Truist Financial
Truist Financial Price Performance
TFC traded down $0.70 on Friday, hitting $44.31. 13,738,714 shares of the company were exchanged, compared to its average volume of 8,360,087. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market capitalization of $58.03 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The business's fifty day moving average is $41.67 and its 200 day moving average is $42.05.
Truist Financial (NYSE:TFC - Get Free Report) last posted 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 return on equity of 8.96% and a net margin of 15.59%. The company had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. During the same period in the prior year, the business earned $0.91 EPS. The business's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.
Truist Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 56.68%.
Truist Financial Profile
(
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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