9. INDUSTRY, INNOVATION, AND INFRASTRUCTURE

Truist Financial Co. (NYSE:TFC) Stake Lessened by EP Wealth Advisors LLC

Written by Amanda

EP Wealth Advisors LLC decreased its position in shares of Truist Financial Co. (NYSE:TFCFree Report) by 25.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,250 shares of the insurance provider’s stock after selling 2,104 shares during the period. EP Wealth Advisors LLC’s holdings in Truist Financial were worth $244,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Truist Financial in the fourth quarter valued at $307,787,000. Parnassus Investments LLC bought a new position in shares of Truist Financial during the 4th quarter valued at about $95,049,000. Azora Capital LP acquired a new position in shares of Truist Financial in the 4th quarter worth approximately $72,498,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Truist Financial by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after purchasing an additional 1,458,248 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC stock opened at $44.42 on Friday. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $44.78. The stock’s 50-day moving average is $38.81 and its two-hundred day moving average is $37.75. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $59.44 billion, a P/E ratio of -33.65, a PEG ratio of 2.07 and a beta of 1.07.

Truist Financial (NYSE:TFCGet Free Report) last issued its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. Analysts predict that Truist Financial Co. will post 3.57 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on TFC shares. The Goldman Sachs Group lifted their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley boosted their target price on Truist Financial from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price objective for the company. in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $45.05.

Get Our Latest Stock Analysis on Truist Financial

About Truist Financial

(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.

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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