Northern Trust Corp Increases Holdings in Truist Financial Co. (NYSE:TFC)

Northern Trust Corp lifted its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 20.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,434,173 shares of the insurance provider's stock after buying an additional 2,452,239 shares during the period. Northern Trust Corp owned approximately 1.09% of Truist Financial worth $626,154,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TFC. Bangor Savings Bank boosted its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider's stock worth $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial in the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in shares of Truist Financial in the 4th quarter worth approximately $45,000. City State Bank boosted its stake in shares of Truist Financial by 158.1% in the 4th 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. purchased a new position in shares of Truist Financial in the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors own 71.28% of the company's stock.

Analyst Ratings Changes

TFC has been the topic of several research analyst reports. Piper Sandler dropped their price objective on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. StockNews.com downgraded Truist Financial from a "hold" rating to a "sell" rating in a research note on Monday. Morgan Stanley dropped their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Stephens dropped their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.28 on Thursday, hitting $38.62. The company's stock had a trading volume of 5,511,925 shares, compared to its average volume of 8,170,452. The company has a 50-day simple moving average of $39.73 and a 200 day simple moving average of $43.51. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a market capitalization of $50.41 billion, a PE ratio of 11.60, a PEG ratio of 1.63 and a beta of 0.91. 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 (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting the consensus estimate of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $4.95 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the firm posted $0.90 EPS. Sell-side analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.39%. Truist Financial's dividend payout ratio is 61.36%.

Truist Financial 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.