Truist Financial Corporation $TFC Shares Acquired by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Truist by 2.4% in the 4th quarter, adding 32,865 shares to hold 1,410,891 shares worth about $69.43 million (≈0.11% of the company) per its latest 13F filing.
• Truist beat expectations in the latest quarter with EPS of $1.09 (vs. $1.00 expected) and revenue of $5.20 billion, up 5% year-over-year, while analysts maintain a consensus "Moderate Buy" and an average target price of $55.59.
• The company announced a quarterly dividend of $0.52 per share (annualized $2.08) yielding about 4.2%, with an ex-dividend date of May 8 and payment on June 1.

Principal Financial Group Inc. increased its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,410,891 shares of the insurance provider's stock after buying an additional 32,865 shares during the period. Principal Financial Group Inc. owned about 0.11% of Truist Financial worth $69,430,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Independent Advisor Alliance grew its holdings in Truist Financial by 9.7% during the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider's stock valued at $15,046,000 after buying an additional 29,191 shares during the last quarter. Cullen Capital Management LLC raised its holdings in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider's stock worth $209,936,000 after acquiring an additional 427,067 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider's stock valued at $7,728,000 after acquiring an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Truist Financial by 2.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider's stock valued at $19,285,000 after acquiring an additional 10,706 shares in the last quarter. Finally, Versor Investments LP boosted its stake in shares of Truist Financial by 64.4% during the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider's stock valued at $1,143,000 after acquiring an additional 9,800 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. TD Cowen boosted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, January 22nd. Robert W. Baird cut shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Jefferies Financial Group reiterated a "mixed" rating and set a $45.00 price target on shares of Truist Financial in a report on Friday, April 17th. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $55.59.

Truist Financial Stock Down 2.1%

TFC opened at $49.74 on Friday. Truist Financial Corporation has a 12 month low of $38.27 and a 12 month high of $56.19. The business has a 50-day moving average of $48.06 and a two-hundred day moving average of $48.48. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $61.97 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 0.87 and a beta of 0.92.

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

Truist Financial Announces Dividend

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

Truist Financial Company Profile

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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.