Bank of New York Mellon Corp Acquires 789,179 Shares of Truist Financial Corporation $TFC

Bank of New York Mellon Corp boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 7.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,289,721 shares of the insurance provider's stock after buying an additional 789,179 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.91% of Truist Financial worth $518,988,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new position in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. McMillan Office Inc. bought a new stake in Truist Financial in the fourth quarter valued at approximately $31,000. Maseco LLP increased its position in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC increased its position in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after purchasing an additional 431 shares during the period. Institutional investors own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Stephens assumed coverage on shares of Truist Financial in a research report on Monday, June 15th. They issued an "overweight" rating and a $59.00 price target on the stock. Robert W. Baird cut shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research report on Friday, May 1st. Evercore reissued an "outperform" rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Finally, Weiss Ratings raised shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $54.47.

Truist Financial Stock Performance

Shares of TFC stock opened at $53.08 on Friday. The firm has a 50 day moving average of $49.33 and a 200-day moving average of $49.48. The company has a market cap of $66.13 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.87 EPS. On average, equities analysts forecast that Truist Financial Corporation will post 4.51 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial's payout ratio is 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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