Burgundy Asset Management Ltd. decreased its position in Truist Financial Co. (NYSE:TFC – Free Report) by 18.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,290,652 shares of the insurance provider’s stock after selling 720,319 shares during the period. Burgundy Asset Management Ltd. owned approximately 0.25% of Truist Financial worth $94,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also modified their holdings of the stock. Davis Selected Advisers grew its position in shares of Truist Financial by 122.5% during the 3rd quarter. Davis Selected Advisers now owns 146,866 shares of the insurance provider’s stock valued at $4,202,000 after acquiring an additional 80,852 shares during the period. WBI Investments Inc. grew its position in shares of Truist Financial by 15.2% during the 3rd quarter. WBI Investments Inc. now owns 17,871 shares of the insurance provider’s stock valued at $511,000 after acquiring an additional 2,360 shares during the period. CarsonAllaria Wealth Management Ltd. grew its position in shares of Truist Financial by 50.9% during the 3rd quarter. CarsonAllaria Wealth Management Ltd. now owns 4,723 shares of the insurance provider’s stock valued at $135,000 after acquiring an additional 1,594 shares during the period. Greenleaf Trust grew its position in shares of Truist Financial by 4.2% during the 3rd quarter. Greenleaf Trust now owns 13,357 shares of the insurance provider’s stock valued at $382,000 after acquiring an additional 536 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its position in shares of Truist Financial by 5.6% during the 3rd quarter. Letko Brosseau & Associates Inc. now owns 1,681,256 shares of the insurance provider’s stock valued at $48,101,000 after acquiring an additional 89,465 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.
Truist Financial Trading Up 1.5 %
Truist Financial stock traded up $0.53 during midday trading on Monday, reaching $36.37. 1,529,566 shares of the stock traded hands, compared to its average volume of 9,986,333. The company has a 50-day simple moving average of $36.44 and a two-hundred day simple moving average of $32.14. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $49.32. The firm has a market cap of $48.51 billion, a PE ratio of -33.68, a price-to-earnings-growth ratio of 1.51 and a beta of 1.09. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.
Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the business posted $1.30 EPS. Research analysts expect that Truist Financial Co. will post 3.39 earnings per share for the current fiscal year.
Truist Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 9th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date is Thursday, February 8th. Truist Financial’s dividend payout ratio (DPR) is -192.59%.
Analysts Set New Price Targets
TFC has been the topic of several research analyst reports. Morgan Stanley lifted their price objective on Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Evercore ISI lifted their price objective on Truist Financial from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Monday, November 20th. Odeon Capital Group upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective on the stock in a report on Thursday, December 14th. Piper Sandler raised their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Finally, UBS Group raised their target price on shares of Truist Financial from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. One 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. According to MarketBeat, Truist Financial has an average rating of “Hold” and a consensus target price of $39.87.
Check Out Our Latest Research Report on Truist Financial
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.
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