TD Asset Management Inc Boosts Stock Holdings in Truist Financial Corporation $TFC

Key Points

• TD Asset Management increased its Truist Financial stake by 3.8% in the fourth quarter, buying 22,607 additional shares and bringing its total holdings to 619,151 shares valued at about $30.5 million.
• Wall Street sentiment remains mixed but generally positive: Truist has a Moderate Buy consensus rating, with nine Buy ratings, five Hold ratings and one Sell rating, and an average target price of $55.59.
• Truist reported strong quarterly results, earning $1.09 per share versus the $1.00 estimate, while revenue rose 5% year over year to $5.20 billion; the company also paid a quarterly dividend of $0.52 per share, implying a 4.2% annual yield.

TD Asset Management Inc boosted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 619,151 shares of the insurance provider's stock after purchasing an additional 22,607 shares during the period. TD Asset Management Inc's holdings in Truist Financial were worth $30,468,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Maseco LLP raised its stake in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after purchasing an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC increased its position in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after acquiring an additional 431 shares in the last quarter. Ancora Advisors LLC increased its position in shares of Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock worth $32,000 after acquiring an additional 500 shares in the last quarter. Bare Financial Services Inc increased its position in shares of Truist Financial by 56.9% in the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider's stock worth $40,000 after acquiring an additional 298 shares in the last quarter. Finally, Quest 10 Wealth Builders Inc. increased its position in shares of Truist Financial by 2,178.4% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider's stock worth $42,000 after acquiring an additional 806 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TFC. Morgan Stanley dropped their price objective on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Monday, April 20th. Weiss Ratings raised shares of Truist Financial from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Royal Bank Of Canada increased their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Finally, Jefferies Financial Group reissued a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Price Performance

Shares of TFC stock opened at $49.24 on Friday. The firm has a market cap of $61.35 billion, a P/E ratio of 12.22, a P/E/G ratio of 0.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $38.83 and a 1-year high of $56.19. The firm has a fifty day moving average of $48.63 and a two-hundred day moving average of $48.97.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. As a group, research analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is currently 51.61%.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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