Truist Financial Co. (NYSE:TFC) Shares Purchased by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its holdings in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 77.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 78,670 shares of the insurance provider's stock after acquiring an additional 34,238 shares during the quarter. Investment Management Corp of Ontario's holdings in Truist Financial were worth $3,413,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the fourth quarter worth $26,000. Navigoe LLC bought a new stake in shares of Truist Financial in the fourth quarter worth $26,000. Curio Wealth LLC bought a new stake in shares of Truist Financial in the fourth quarter worth $45,000. City State Bank increased its stake in shares of Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider's stock worth $51,000 after buying an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. bought a new stake in shares of Truist Financial in the fourth quarter worth $55,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. TD Cowen assumed coverage on Truist Financial in a research report on Thursday. They set a "hold" rating and a $44.00 price target on the stock. Argus set a $43.00 price target on Truist Financial in a research report on Monday, April 21st. Wells Fargo & Company dropped their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Keefe, Bruyette & Woods dropped their price target on Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and upped their price target for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial Stock Performance

Shares of TFC traded down $0.09 during trading hours on Thursday, reaching $41.14. 6,262,376 shares of the company's stock traded hands, compared to its average volume of 8,184,674. The firm has a market capitalization of $53.87 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.63 and a beta of 0.83. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06. The business's fifty day simple moving average is $38.78 and its two-hundred day simple moving average is $43.26.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting analysts' consensus estimates of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period last year, the company earned $0.90 earnings per share. Analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th 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 5.06%. The ex-dividend date is Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Truist Financial Company Profile

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.