Morse Asset Management Inc Takes $862,000 Position in Truist Financial Corporation (NYSE:TFC)

Morse Asset Management Inc bought a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 20,950 shares of the insurance provider's stock, valued at approximately $862,000.

A number of other institutional investors have also added to or reduced their stakes in TFC. Brighton Jones LLC raised its position in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Truist Financial by 105.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 168,585 shares of the insurance provider's stock valued at $7,328,000 after purchasing an additional 86,330 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Truist Financial in the 4th quarter valued at about $304,000. Teacher Retirement System of Texas increased its holdings in shares of Truist Financial by 781.7% during the fourth quarter. Teacher Retirement System of Texas now owns 78,989 shares of the insurance provider's stock worth $3,427,000 after purchasing an additional 70,030 shares during the period. Finally, HUB Investment Partners LLC bought a new position in Truist Financial in the fourth quarter valued at approximately $321,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TFC. Wells Fargo & Company dropped their target price on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Tuesday, July 8th. Piper Sandler lowered their price objective 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. TD Cowen assumed coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective on the stock. Finally, Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.72.

Truist Financial Price Performance

TFC traded up $0.48 on Wednesday, hitting $45.69. 4,519,951 shares of the company's stock were exchanged, compared to its average volume of 8,329,048. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average price of $41.67 and a 200-day moving average price of $42.04. The stock has a market cap of $59.83 billion, a price-to-earnings ratio of 12.42, a P/E/G ratio of 1.61 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%. The business had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. During the same quarter last year, the company earned $0.91 earnings per share. The firm's revenue for the quarter was down 406.0% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.55%. Truist Financial's payout ratio is currently 56.68%.

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.