Douglas Lane & Associates LLC Has $51.73 Million Holdings in Truist Financial Co. (NYSE:TFC)

Douglas Lane & Associates LLC decreased its position in Truist Financial Co. (NYSE:TFC - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,257,157 shares of the insurance provider's stock after selling 20,145 shares during the quarter. Douglas Lane & Associates LLC owned about 0.10% of Truist Financial worth $51,732,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Iowa State Bank increased its stake in shares of Truist Financial by 1.8% during the 1st quarter. Iowa State Bank now owns 91,416 shares of the insurance provider's stock worth $3,762,000 after purchasing an additional 1,617 shares during the last quarter. Czech National Bank boosted its holdings in Truist Financial by 5.0% in the first quarter. Czech National Bank now owns 302,250 shares of the insurance provider's stock worth $12,438,000 after purchasing an additional 14,417 shares in the last quarter. Rhumbline Advisers increased its position in Truist Financial by 3.9% during the first quarter. Rhumbline Advisers now owns 2,554,642 shares of the insurance provider's stock worth $105,123,000 after buying an additional 95,049 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Truist Financial by 13.0% during the first quarter. Fifth Third Wealth Advisors LLC now owns 24,977 shares of the insurance provider's stock valued at $1,028,000 after buying an additional 2,873 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. raised its holdings in Truist Financial by 1.9% during the first quarter. Beese Fulmer Investment Management Inc. now owns 16,587 shares of the insurance provider's stock valued at $683,000 after buying an additional 309 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analyst Weigh In

TFC has been the subject of several recent analyst reports. Barclays decreased their price target on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company decreased their target price on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Raymond James cut shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Morgan Stanley lowered their target price on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.83.

Truist Financial Price Performance

TFC traded up $0.17 during midday trading on Thursday, reaching $39.68. 4,094,816 shares of the company's stock were exchanged, compared to its average volume of 8,266,296. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $38.47 and a two-hundred day simple moving average of $42.76. The firm has a market capitalization of $51.96 billion, a price-to-earnings ratio of 11.92, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter last year, the company earned $0.90 EPS. As a group, research analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.24%. Truist Financial's dividend payout ratio is presently 61.36%.

Truist Financial Profile

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.