Truist Financial Corporation $TFC Holdings Raised by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management SPA SGR increased its Truist Financial stake by 70.1% in the fourth quarter, bringing its holdings to 103,315 shares worth about $5.08 million.
• Truist Financial reported better-than-expected quarterly results, with earnings of $1.09 per share versus the $1.00 estimate and revenue of $5.20 billion, up 5% year over year.
• The company also announced a quarterly dividend of $0.52 per share, implying an annualized yield of 4.2%, while analysts currently rate the stock a consensus “Moderate Buy” with a $55.59 price target.

Generali Asset Management SPA SGR raised its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 70.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 103,315 shares of the insurance provider's stock after buying an additional 42,566 shares during the period. Generali Asset Management SPA SGR's holdings in Truist Financial were worth $5,084,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider's stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors increased its position in Truist Financial by 0.3% in the 3rd quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider's stock worth $4,921,717,000 after purchasing an additional 346,423 shares during the last quarter. Federated Hermes Inc. increased its position in Truist Financial by 8.4% in the 3rd quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider's stock worth $477,575,000 after purchasing an additional 813,177 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after purchasing an additional 10,310,523 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Truist Financial by 2.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider's stock worth $388,300,000 after purchasing an additional 168,464 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

TFC opened at $49.09 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock's 50 day moving average price is $48.06 and its two-hundred day moving average price is $48.48. The firm has a market capitalization of $61.16 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.85 and a beta of 0.92. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 earnings per share. On average, equities analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial's dividend payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TFC shares. Jefferies Financial Group reissued a "mixed" rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Piper Sandler raised their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Thursday, January 22nd. TD Cowen boosted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Morgan Stanley dropped their price target on shares of Truist Financial from $63.00 to $62.00 and set an "overweight" rating on the stock in a research note on Monday, April 20th. Finally, Robert W. Baird downgraded shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a report on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.59.

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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