North Reef Capital Management LP purchased a new stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,335,000 shares of the insurance provider’s stock, valued at approximately $66,804,000. Truist Financial makes up about 4.2% of North Reef Capital Management LP’s portfolio, making the stock its 10th largest position. North Reef Capital Management LP owned about 0.18% of Truist Financial at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairfield Bush & CO. purchased a new position in Truist Financial during the first quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new stake in shares of Truist Financial during the third quarter worth $26,000. JFS Wealth Advisors LLC lifted its position in Truist Financial by 617.0% during the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 833 shares during the period. Quarry LP acquired a new position in Truist Financial during the first quarter valued at $32,000. Finally, Union Savings Bank acquired a new position in Truist Financial during the second quarter valued at $36,000. Institutional investors own 71.11% of the company’s stock.
Truist Financial Price Performance
NYSE TFC traded down $0.40 during trading hours on Friday, hitting $35.24. 7,909,420 shares of the company’s stock traded hands, compared to its average volume of 10,056,504. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $47.85. The company has a market capitalization of $47.00 billion, a PE ratio of -32.62, a PEG ratio of 1.51 and a beta of 1.09. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The firm’s 50-day moving average is $36.69 and its 200-day moving average is $32.35.
Truist Financial (NYSE:TFC – Get Free Report) last announced its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the prior year, the company earned $1.30 EPS. Equities analysts forecast that Truist Financial Co. will post 3.39 EPS for the current fiscal year.
Truist Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.90%. Truist Financial’s dividend payout ratio is presently -192.59%.
Analysts Set New Price Targets
A number of research firms recently issued reports on TFC. Evercore ISI boosted their target price on shares of Truist Financial from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Monday, November 20th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Raymond James boosted their target price on shares of Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Piper Sandler boosted their target price on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Finally, TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.87.
Read Our Latest Analysis on Truist Financial
Truist Financial Company Profile
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.
See Also
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