Benjamin Edwards Inc. increased its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 209,406 shares of the insurance provider's stock after acquiring an additional 11,323 shares during the period. Benjamin Edwards Inc.'s holdings in Truist Financial were worth $8,617,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the stock. Capital International Investors raised its holdings in 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 buying an additional 18,712,246 shares during the period. Northern Trust Corp raised 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Truist Financial by 13.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock valued at $465,827,000 after purchasing an additional 1,307,252 shares during the period. Federated Hermes Inc. raised its stake in shares of Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after purchasing an additional 89,373 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of 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 during the period. 71.28% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on TFC. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods downgraded Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price target for the company. in a research note on Wednesday, July 9th. Argus set a $43.00 target price on Truist Financial in a report on Monday, April 21st. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and an average price target of $48.65.
Check Out Our Latest Research Report on TFC
Insiders Place Their Bets
In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.14% of the stock is owned by insiders.
Truist Financial Stock Performance
Shares of TFC traded up $1.20 during midday trading on Tuesday, hitting $44.03. 8,368,744 shares of the stock traded hands, compared to its average volume of 7,591,049. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market capitalization of $56.77 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.60 and a beta of 0.87. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The business's 50 day moving average price is $43.02 and its two-hundred day moving average price is $41.93.
Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm posted $0.91 EPS. The business's revenue was down 406.0% compared to the same quarter last year. Equities research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.
Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.7%. Truist Financial's dividend payout ratio is presently 56.68%.
Truist Financial Company Profile
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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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