Bank of Nova Scotia Raises Holdings in Truist Financial Corporation $TFC

Bank of Nova Scotia boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 39.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 416,074 shares of the insurance provider’s stock after acquiring an additional 117,249 shares during the quarter. Bank of Nova Scotia’s holdings in Truist Financial were worth $19,127,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. 3Chopt Investment Partners LLC lifted its stake in shares of Truist Financial by 1.3% in the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after purchasing an additional 193 shares during the last quarter. IFP Advisors Inc increased its position in shares of Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares during the last quarter. PCB Capital LLC increased its position in shares of Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares during the last quarter. AlphaCore Capital LLC raised its holdings in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after buying an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC raised its holdings in Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after buying an additional 199 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TFC shares. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Stephens lowered their price objective on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $54.61.

Truist Financial Price Performance

TFC opened at $51.75 on Friday. The stock’s 50-day moving average price is $49.81 and its 200 day moving average price is $49.56. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The firm has a market cap of $64.48 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 0.94 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.52 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s payout ratio is 47.71%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.