IFM Investors Pty Ltd Increases Position in Truist Financial Corporation (NYSE:TFC)

IFM Investors Pty Ltd increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 10.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 279,413 shares of the insurance provider's stock after purchasing an additional 25,405 shares during the period. IFM Investors Pty Ltd's holdings in Truist Financial were worth $11,950,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TFC. Hopwood Financial Services Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $26,000. Navigoe LLC purchased a new position in Truist Financial in the 4th quarter valued at approximately $26,000. Rossby Financial LCC purchased a new position in Truist Financial in the 1st quarter valued at approximately $43,000. Curio Wealth LLC purchased a new position in Truist Financial in the 4th quarter valued at approximately $45,000. Finally, TCTC Holdings LLC boosted its position in Truist Financial by 28.1% in the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock valued at $57,000 after buying an additional 287 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

TFC traded up $0.20 on Friday, reaching $45.23. The company had a trading volume of 5,612,374 shares, compared to its average volume of 8,275,976. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The stock has a market capitalization of $59.23 billion, a PE ratio of 13.34, a P/E/G ratio of 1.69 and a beta of 0.85. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average price of $40.44 and a 200-day moving average price of $41.94.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the previous year, the company earned $0.90 earnings per share. As a group, research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.60%. Truist Financial's payout ratio is 61.36%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TFC. Piper Sandler decreased their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Citigroup raised shares of 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 research report on Thursday, June 26th. Barclays decreased their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Eight research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.44.

About Truist Financial

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.