Truist Financial Co. (NYSE:TFC) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp grew its holdings in Truist Financial Co. (NYSE:TFC) by 61.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 246,748 shares of the insurance provider’s stock after buying an additional 94,061 shares during the quarter. Mackenzie Financial Corp’s holdings in Truist Financial were worth $9,110,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fairfield Bush & CO. acquired a new position in shares of Truist Financial in the first quarter worth $25,000. Morton Brown Family Wealth LLC grew its stake in shares of Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 649 shares in the last quarter. Quarry LP acquired a new position in shares of Truist Financial in the first quarter worth $32,000. OFI Invest Asset Management acquired a new position in shares of Truist Financial during the third quarter worth $26,000. Finally, Operose Advisors LLC acquired a new position in shares of Truist Financial during the third quarter worth $31,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of analyst reports. UBS Group boosted their target price on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Stephens upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Morgan Stanley boosted their price target on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.47.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $36.80 on Friday. The company has a 50-day simple moving average of $36.64 and a 200-day simple moving average of $34.44. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) 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 negative net margin of 3.28% and a positive return on equity of 9.64%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the company earned $1.30 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.65%. Truist Financial’s dividend payout ratio is currently -192.59%.

Truist Financial Profile

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.