9. INDUSTRY, INNOVATION, AND INFRASTRUCTURE

State of Tennessee Treasury Department Has $13 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Written by Amanda

State of Tennessee Treasury Department increased its stake in shares of Truist Financial Co. (NYSE:TFCFree Report) by 72.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 352,174 shares of the insurance provider’s stock after acquiring an additional 147,945 shares during the period. State of Tennessee Treasury Department’s holdings in Truist Financial were worth $13,002,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bleakley Financial Group LLC increased its stake in Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after buying an additional 1,731 shares during the last quarter. Natixis Advisors L.P. increased its stake in Truist Financial by 30.9% in the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock valued at $13,783,000 after buying an additional 88,035 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock valued at $12,515,000 after buying an additional 117,524 shares during the last quarter. Parnassus Investments LLC acquired a new stake in Truist Financial in the 4th quarter valued at $95,049,000. Finally, Rafferty Asset Management LLC increased its stake in Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock valued at $43,760,000 after buying an additional 382,976 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

NYSE:TFC opened at $35.70 on Wednesday. The firm’s fifty day moving average is $37.99 and its 200-day moving average is $36.83. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $40.51.

Truist Financial (NYSE:TFCGet Free Report) last issued its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. Truist Financial’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, equities analysts forecast that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.83%. Truist Financial’s payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TFC. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. Citigroup lifted their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 price objective on shares of Truist Financial in a research note on Monday, April 22nd. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

View Our Latest Stock Report on Truist Financial

Truist Financial Profile

(Free Report)

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.

Further Reading

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Source: defenseworld.net

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai