QRG Capital Management Inc. acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 174,839 shares of the insurance provider’s stock, valued at approximately $5,002,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter worth $25,000. OFI Invest Asset Management bought a new stake in shares of Truist Financial during the 3rd quarter worth $26,000. JFS Wealth Advisors LLC lifted its position in shares of Truist Financial by 617.0% during the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after buying an additional 833 shares during the last quarter. Quarry LP bought a new stake in shares of Truist Financial during the 1st quarter worth $32,000. Finally, Union Savings Bank bought a new position in Truist Financial in the second quarter valued at about $36,000. 71.11% of the stock is currently owned by institutional investors.
Truist Financial Stock Performance
NYSE TFC opened at $36.10 on Friday. The business has a 50 day simple moving average of $36.66 and a 200 day simple moving average of $32.25. Truist Financial Co. has a one year low of $25.56 and a one year high of $48.53. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the firm posted $1.30 earnings per share. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.39 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 9th will be paid a $0.52 dividend. The ex-dividend date is Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.76%. Truist Financial’s dividend payout ratio (DPR) is presently -192.59%.
Wall Street Analysts Forecast Growth
Several research firms have commented on TFC. Piper Sandler increased their target price on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. TheStreet upgraded Truist Financial from a “c+” rating to a “b-” rating in a research report on Tuesday, January 9th. Odeon Capital Group upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 target price for the company in a research report on Thursday, December 14th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Raymond James increased their target price on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.87.
View Our Latest Analysis on Truist Financial
About Truist Financial
Truist Financial Corporation, a holding 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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