Truist Financial Co. (NYSE:TFC) Stake Boosted by Brookfield Corp ON

Brookfield Corp ON grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 19.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 830,884 shares of the insurance provider’s stock after acquiring an additional 132,949 shares during the period. Brookfield Corp ON owned 0.06% of Truist Financial worth $28,333,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TFC. Moneta Group Investment Advisors LLC grew its holdings in shares of Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after acquiring an additional 20,321,500 shares in the last quarter. Norges Bank bought a new stake in Truist Financial in the fourth quarter worth $553,718,000. BlackRock Inc. boosted its holdings in Truist Financial by 8.3% in the first quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock worth $3,411,442,000 after purchasing an additional 7,651,641 shares in the last quarter. FMR LLC boosted its holdings in Truist Financial by 55.2% in the first quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock worth $731,827,000 after purchasing an additional 7,635,573 shares in the last quarter. Finally, Amundi boosted its holdings in Truist Financial by 43.1% in the fourth quarter. Amundi now owns 18,282,723 shares of the insurance provider’s stock worth $847,671,000 after purchasing an additional 5,504,325 shares in the last quarter. 71.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Odeon Capital Group cut shares of Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price objective for the company. in a report on Friday, June 16th. Barclays decreased their price target on shares of Truist Financial from $44.00 to $40.00 in a report on Tuesday, June 27th. Wells Fargo & Company decreased their price target on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Raymond James upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 price target for the company in a report on Thursday, July 6th. They noted that the move was a valuation call. Finally, HSBC initiated coverage on shares of Truist Financial in a report on Thursday, September 7th. They set a “hold” rating and a $29.00 price target for the company. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average price target of $40.20.

Truist Financial Trading Up 1.1 %

TFC opened at $30.11 on Tuesday. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $53.34. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78. The company has a fifty day moving average of $31.35 and a 200-day moving average of $32.43. The stock has a market cap of $40.11 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.08). The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 earnings per share. On average, sell-side analysts predict that Truist Financial Co. will post 3.79 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date of this dividend was Thursday, August 10th. Truist Financial’s dividend payout ratio (DPR) is 48.15%.

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.