Park Avenue Securities LLC boosted its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,955 shares of the insurance provider’s stock after acquiring an additional 492 shares during the quarter. Park Avenue Securities LLC’s holdings in Truist Financial were worth $1,363,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of TFC. Norges Bank bought a new stake in Truist Financial during the fourth quarter valued at about $307,787,000. Parnassus Investments LLC bought a new stake in Truist Financial during the fourth quarter valued at about $95,049,000. Azora Capital LP bought a new stake in Truist Financial during the fourth quarter valued at about $72,498,000. Charles Schwab Investment Management Inc. grew its holdings in Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after purchasing an additional 1,458,248 shares during the period. Finally, Panagora Asset Management Inc. grew its holdings in 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 purchasing an additional 1,192,257 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.
Truist Financial Stock Up 1.8 %
Shares of TFC stock opened at $37.46 on Tuesday. Truist Financial Co. has a 1 year low of $26.57 and a 1 year high of $40.51. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50 day simple moving average is $37.76 and its two-hundred day simple moving average is $37.07.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Co. will post 3.36 earnings per share for the current year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.55%. Truist Financial’s payout ratio is -157.58%.
Analyst Upgrades and Downgrades
TFC has been the subject of a number of recent analyst reports. HSBC upped their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Jefferies Financial Group upped their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research note on Thursday, May 9th. JPMorgan Chase & Co. upped their price objective on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Stephens upped their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.17.
View Our Latest Research Report on Truist Financial
About Truist Financial
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
