Bridgewater Advisors Inc. acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,800 shares of the insurance provider's stock, valued at approximately $264,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Navigoe LLC purchased a new position in Truist Financial in the 4th quarter worth approximately $26,000. Centennial Bank AR raised its holdings in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 580 shares in the last quarter. Sierra Ocean LLC raised its holdings in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 352 shares in the last quarter. Rossby Financial LCC acquired a new stake in Truist Financial in the first quarter valued at $43,000. Finally, Pinney & Scofield Inc. acquired a new stake in Truist Financial in the fourth quarter valued at $57,000. Institutional investors and hedge funds own 71.28% of the company's stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on TFC shares. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Stephens cut their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Wells Fargo & Company lowered their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.44.
Read Our Latest Report on TFC
Truist Financial Stock Performance
Shares of TFC traded down $0.70 on Friday, reaching $44.31. 13,738,714 shares of the stock traded hands, compared to its average volume of 8,360,087. The firm has a market cap of $58.03 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The stock's 50-day moving average price is $41.67 and its 200-day moving average price is $42.05.
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 for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's revenue was down 406.0% on a year-over-year basis. During the same quarter last year, the company earned $0.91 earnings per share. Equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.69%. Truist Financial's dividend payout ratio (DPR) is currently 56.68%.
About Truist Financial
(
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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