Kovitz Investment Group Partners LLC increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 75.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 281,505 shares of the insurance provider's stock after purchasing an additional 121,199 shares during the period. Kovitz Investment Group Partners LLC's holdings in Truist Financial were worth $11,584,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital International Investors raised its stake in Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after acquiring an additional 18,712,246 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after purchasing an additional 2,452,239 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after buying an additional 3,188,999 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Truist Financial by 13.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after purchasing an additional 1,307,252 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock worth $391,404,000 after purchasing an additional 89,373 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.
Truist Financial Stock Down 1.1%
Shares of TFC traded down $0.50 during mid-day trading on Thursday, hitting $43.89. 2,309,406 shares of the company's stock were exchanged, compared to its average volume of 8,474,163. The company has a market cap of $56.59 billion, a PE ratio of 12.00, a P/E/G ratio of 1.65 and a beta of 0.87. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a 50-day simple moving average of $43.54 and a 200 day simple moving average of $41.84. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.
Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the previous year, the company posted $0.91 EPS. The company's quarterly revenue was down 406.0% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Friday, August 8th. Truist Financial's payout ratio is currently 56.68%.
Insider Transactions at Truist Financial
In other news, insider Bradley D. Bender sold 12,540 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research analysts have commented on TFC shares. Morgan Stanley reiterated a "mixed" rating on shares of Truist Financial in a research note on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research note on Tuesday, July 8th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday. TD Cowen assumed coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 target price for the company. 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.47.
Check Out Our Latest Stock Analysis on TFC
Truist Financial Company Profile
(
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.
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