Canada Post Corp Registered Pension Plan Increases Position in Truist Financial Corporation $TFC

Key Points

• Canada Post Corp Registered Pension Plan boosted its stake in Truist Financial by 65.6% in the fourth quarter, buying 34,914 more shares and bringing its total to 88,112 shares worth about $4.34 million.
• Other large institutions also adjusted positions, and 71.28% of Truist Financial’s stock is now held by hedge funds and other institutional investors, signaling strong institutional interest.
• Truist reported better-than-expected quarterly earnings of $1.09 per share and revenue of $5.20 billion, while also announcing a quarterly dividend of $0.52 per share, or 4.4% annualized yield.

Canada Post Corp Registered Pension Plan increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 65.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,112 shares of the insurance provider's stock after buying an additional 34,914 shares during the quarter. Canada Post Corp Registered Pension Plan's holdings in Truist Financial were worth $4,336,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock valued at $5,892,453,000 after buying an additional 701,049 shares during the last quarter. Capital International Investors grew its holdings in shares of Truist Financial by 0.3% during the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider's stock valued at $4,921,717,000 after buying an additional 346,423 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Truist Financial by 8.4% during the third quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider's stock valued at $477,575,000 after buying an additional 813,177 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after buying an additional 10,310,523 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Truist Financial by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider's stock valued at $388,300,000 after buying an additional 168,464 shares during 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 recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. Morgan Stanley decreased their target price on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. Argus boosted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, January 23rd. Finally, Piper Sandler boosted their target price on shares of Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Trading Down 0.1%

NYSE TFC opened at $46.93 on Monday. The company has a market capitalization of $58.47 billion, a PE ratio of 11.65, a P/E/G ratio of 0.80 and a beta of 0.92. The company has a fifty day moving average of $47.78 and a 200 day moving average of $48.63. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during 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%. The company's revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be given a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. Truist Financial's dividend payout ratio is 51.61%.

Truist Financial Profile

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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