Walleye Capital LLC acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,567 shares of the insurance provider’s stock, valued at approximately $501,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in TFC. American Century Companies Inc. lifted its holdings in Truist Financial by 70.9% in the first quarter. American Century Companies Inc. now owns 11,788,064 shares of the insurance provider’s stock valued at $668,383,000 after buying an additional 4,889,702 shares during the period. Capital World Investors lifted its stake in Truist Financial by 585.1% in the first quarter. Capital World Investors now owns 2,712,800 shares of the insurance provider’s stock valued at $153,816,000 after acquiring an additional 2,316,800 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Truist Financial by 1,090.0% during the 2nd quarter. Bank of Nova Scotia now owns 2,062,251 shares of the insurance provider’s stock worth $97,812,000 after buying an additional 1,888,956 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Truist Financial by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 117,904,719 shares of the insurance provider’s stock worth $6,685,197,000 after buying an additional 1,410,643 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in shares of Truist Financial by 81.2% during the 1st quarter. Prudential Financial Inc. now owns 2,264,011 shares of the insurance provider’s stock worth $128,369,000 after buying an additional 1,014,637 shares during the last quarter. Institutional investors own 73.31% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on TFC. The Goldman Sachs Group cut their target price on shares of Truist Financial from $57.00 to $51.00 and set a “buy” rating for the company in a research note on Friday, September 30th. Compass Point dropped their price target on shares of Truist Financial to $45.00 in a research report on Thursday, October 20th. Royal Bank of Canada decreased their price target on shares of Truist Financial from $70.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, October 19th. Piper Sandler upgraded shares of Truist Financial from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $52.00 to $55.00 in a research note on Wednesday, September 28th. Finally, Credit Suisse Group dropped their price objective on shares of Truist Financial to $52.00 in a report on Friday, July 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Truist Financial has a consensus rating of “Hold” and a consensus target price of $54.85.
Truist Financial Stock Up 0.6 %
Truist Financial (NYSE:TFC – Get Rating) last released its quarterly earnings data on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.05). Truist Financial had a net margin of 26.16% and a return on equity of 12.13%. The firm had revenue of $5.90 billion for the quarter, compared to analyst estimates of $5.96 billion. During the same period in the previous year, the business posted $1.42 EPS. Truist Financial’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, research analysts forecast that Truist Financial Co. will post 4.91 EPS for the current year.
Truist Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Wednesday, November 9th. Truist Financial’s dividend payout ratio is currently 47.71%.
About Truist Financial
Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. The firm operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The Consumer Banking and Wealth segment consists of Retail Community Banking, National Consumer Finance, Services, Payments, Wealth Management and Banking Products and Professional Services and Mortgage Banking.
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