Morse Asset Management Inc Buys New Stake in Truist Financial Corporation (NYSE:TFC)

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

Several other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC grew its stake in Truist Financial by 148.5% during 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 in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Truist Financial by 105.0% in the fourth 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 in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Truist Financial during the fourth quarter worth $304,000. Teacher Retirement System of Texas grew its stake 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 valued at $3,427,000 after purchasing an additional 70,030 shares during the last quarter. Finally, HUB Investment Partners LLC acquired a new stake in Truist Financial during the 4th quarter worth $321,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 0.9%

Shares of TFC stock traded up $0.42 during trading hours on Tuesday, reaching $45.15. The company had a trading volume of 4,265,802 shares, compared to its average volume of 8,351,066. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market cap of $59.13 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50 day moving average of $41.67 and a 200 day moving average of $42.04.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.61%. Truist Financial's dividend payout ratio is currently 56.68%.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. 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 note on Thursday, April 3rd. Keefe, Bruyette & Woods lowered Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a research note on Wednesday, July 9th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research report on Tuesday, July 8th. Barclays dropped their price target on 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, Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Seven equities 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.72.

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.