Quadrature Capital Ltd cut its holdings in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 76.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,714 shares of the insurance provider’s stock after selling 287,673 shares during the period. Quadrature Capital Ltd’s holdings in Truist Financial were worth $3,276,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Valmark Advisers Inc. grew its position in shares of Truist Financial by 2.2% during the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after acquiring an additional 277 shares during the last quarter. St. Johns Investment Management Company LLC grew its position in shares of Truist Financial by 0.9% during the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after acquiring an additional 296 shares during the last quarter. Mechanics Financial Corp grew its position in shares of Truist Financial by 7.4% during the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 300 shares during the last quarter. Day & Ennis LLC grew its position in shares of Truist Financial by 4.3% during the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after acquiring an additional 311 shares during the last quarter. Finally, Carson Advisory Inc. grew its position in shares of Truist Financial by 1.5% during the fourth quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock worth $810,000 after acquiring an additional 315 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the company. Wells Fargo & Company increased their price target on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Barclays assumed coverage on Truist Financial in a report on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target for the company. HSBC increased their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, May 8th. UBS Group increased their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, JPMorgan Chase & Co. increased their price target on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.17.
Get Our Latest Research Report on TFC
Truist Financial Stock Performance
NYSE:TFC opened at $36.57 on Wednesday. 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. The stock has a fifty day simple moving average of $37.77 and a 200-day simple moving average of $36.98.
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly 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 during 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 business’s revenue was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 EPS. Equities research analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current year.
Truist Financial Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.69%. The ex-dividend date was Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -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
