Westwood Holdings Group Inc. reduced its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,544 shares of the insurance provider’s stock after selling 643 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Truist Financial were worth $574,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Truist Financial during the 4th quarter valued at $307,787,000. Parnassus Investments LLC acquired a new stake in Truist Financial during the 4th quarter worth about $95,049,000. North Reef Capital Management LP acquired a new stake in Truist Financial during the 3rd quarter valued at $66,804,000. Charles Schwab Investment Management Inc. boosted its position in shares of Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after buying an additional 1,458,248 shares during the period. Finally, Panagora Asset Management Inc. grew its holdings in shares of Truist Financial by 9,218.0% during the fourth quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock valued at $44,496,000 after buying an additional 1,192,257 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
TFC has been the subject of a number of research reports. HSBC raised their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday, May 8th. Stephens upped their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Barclays assumed coverage on shares of Truist Financial in a research note on Thursday, May 16th. They set an “equal weight” rating and a $43.00 target price for the company. JPMorgan Chase & Co. increased their price objective on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Citigroup lifted their price objective on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.17.
Check Out Our Latest Report on Truist Financial
Truist Financial Trading Down 0.7 %
Shares of TFC stock opened at $36.17 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The firm’s fifty day simple moving average is $38.08 and its 200 day simple moving average is $36.77. The firm has a market capitalization of $48.40 billion, a P/E ratio of -27.40, a price-to-earnings-growth ratio of 1.79 and a beta of 1.06.
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the business earned $1.09 earnings per share. As a group, sell-side analysts predict that Truist Financial Co. will post 3.36 EPS for the current year.
Truist Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were paid a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.75%. Truist Financial’s payout ratio is -157.58%.
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.
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Source: defenseworld.net
