Cambridge Investment Research Advisors Inc. boosted its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 353,690 shares of the insurance provider's stock after purchasing an additional 13,886 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Truist Financial were worth $14,554,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hopwood Financial Services Inc. acquired a new position in shares of Truist Financial in the 4th quarter valued at about $26,000. Navigoe LLC acquired a new position in Truist Financial during the fourth quarter valued at approximately $26,000. Curio Wealth LLC purchased a new stake in Truist Financial during the fourth quarter worth approximately $45,000. TCTC Holdings LLC increased its position in shares of Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after acquiring an additional 287 shares in the last quarter. Finally, Pinney & Scofield Inc. purchased a new position in shares of Truist Financial in the 4th quarter valued at $57,000. Institutional investors and hedge funds own 71.28% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on TFC. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and increased their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. TD Cowen initiated coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target for the company. Raymond James Financial lowered shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Argus set a $43.00 target price on shares of Truist Financial in a research note on Monday, April 21st. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.83.
Read Our Latest Research Report on TFC
Truist Financial Stock Up 0.0%
Shares of Truist Financial stock traded up $0.01 during midday trading on Wednesday, hitting $41.46. The company's stock had a trading volume of 6,151,016 shares, compared to its average volume of 8,279,687. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $54.29 billion, a P/E ratio of 12.23, a PEG ratio of 1.52 and a beta of 0.84. The stock has a 50-day simple moving average of $39.29 and a 200-day simple moving average of $42.04.
Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The firm had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the business earned $0.90 EPS. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.
Truist Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio is currently 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.
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