Andra AP fonden Purchases New Shares in Truist Financial Corporation $TFC

Andra AP fonden purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 48,718 shares of the insurance provider’s stock, valued at approximately $2,240,000.

Several other institutional investors have also added to or reduced their stakes in TFC. Pinnacle Financial Partners Inc. raised its holdings in shares of Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after buying an additional 40,393 shares during the last quarter. Ritholtz Wealth Management grew its holdings in Truist Financial by 91.9% during the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after acquiring an additional 21,903 shares during the last quarter. Fifth Third Bancorp grew its holdings in Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after acquiring an additional 367,291 shares during the last quarter. LBP AM SA acquired a new stake in Truist Financial in the 4th quarter valued at about $10,836,000. Finally, Carnegie Investment Counsel increased its position in Truist Financial by 57.8% in the 4th quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after acquiring an additional 38,750 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TFC shares. Evercore reiterated an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research report on Monday, July 6th. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price target for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Stephens reduced their price objective on Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $54.61.

Truist Financial Price Performance

TFC opened at $51.18 on Friday. The company has a fifty day moving average price of $49.72 and a two-hundred day moving average price of $49.55. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm has a market capitalization of $63.77 billion, a PE ratio of 11.74, a P/E/G ratio of 0.94 and a beta of 0.89.

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

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

About Truist Financial

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.