Manning & Napier Advisors LLC decreased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 363,336 shares of the insurance provider's stock after selling 27,636 shares during the quarter. Manning & Napier Advisors LLC's holdings in Truist Financial were worth $14,951,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. Navigoe LLC purchased a new stake in shares of Truist Financial during the 4th quarter valued at $26,000. Curio Wealth LLC purchased a new stake in shares of Truist Financial during the 4th quarter valued at $45,000. TCTC Holdings LLC grew its stake in shares of Truist Financial by 28.1% during 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. Finally, Pinney & Scofield Inc. purchased a new stake in Truist Financial during the fourth quarter valued at about $57,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have commented on the company. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Barclays dropped their target price 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. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Morgan Stanley dropped their target price on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, April 7th. Finally, Stephens dropped their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.83.
Get Our Latest Stock Analysis on Truist Financial
Truist Financial Price Performance
Shares of TFC stock opened at $40.25 on Friday. The firm has a market cap of $52.71 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.49 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a fifty day moving average of $39.09 and a two-hundred day moving average of $42.12.
Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates 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 8.96% and a net margin of 15.59%. During the same period last year, the firm earned $0.90 earnings per share. As a group, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The company also recently declared 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 was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.17%. Truist Financial's dividend payout ratio (DPR) is 61.36%.
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.
Further Reading
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).
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