Letko Brosseau & Associates Inc. boosted its holdings in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 5.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,681,256 shares of the insurance provider’s stock after acquiring an additional 89,465 shares during the period. Letko Brosseau & Associates Inc. owned about 0.13% of Truist Financial worth $48,101,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial during the first quarter worth about $25,000. United Bank grew its holdings in shares of Truist Financial by 4.1% during the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after buying an additional 2,938 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Truist Financial by 33.3% during the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Truist Financial by 3.3% during the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after buying an additional 738 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in shares of Truist Financial by 8.1% during the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock worth $3,214,000 after buying an additional 4,234 shares in the last quarter. Institutional investors and hedge funds own 71.11% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on TFC. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a report on Thursday, January 4th. Morgan Stanley boosted their target price on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. UBS Group boosted their target price on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Royal Bank of Canada boosted their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Finally, Raymond James increased their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. One research 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 MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $39.87.
Check Out Our Latest Stock Report on TFC
Truist Financial Stock Performance
Shares of Truist Financial stock traded up $0.33 during trading on Friday, hitting $35.84. 10,079,276 shares of the stock were exchanged, compared to its average volume of 10,350,766. The stock’s fifty day moving average is $36.44 and its 200 day moving average is $32.15. The stock has a market cap of $47.80 billion, a PE ratio of -33.19, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $49.32.
Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter in the prior year, the firm posted $1.30 EPS. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.38 EPS for the current year.
Truist Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 9th will be given 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 5.80%. Truist Financial’s dividend payout ratio is presently -192.59%.
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.
See Also
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFC – Free Report).
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