Arrowstreet Capital Limited Partnership Grows Position in Truist Financial Corporation $TFC

Arrowstreet Capital Limited Partnership grew its position in Truist Financial Corporation (NYSE:TFC) by 22.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,847,865 shares of the insurance provider’s stock after purchasing an additional 877,329 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.39% of Truist Financial worth $222,856,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Auto Owners Insurance Co grew its stake in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after acquiring an additional 10,310,523 shares in the last quarter. Norges Bank purchased a new stake in Truist Financial during the 4th quarter worth $502,340,000. American Assets Investment Management LLC increased its holdings in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Truist Financial by 37.6% in the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after purchasing an additional 2,867,449 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Morgan Stanley restated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.61.

Truist Financial Stock Performance

TFC stock opened at $51.75 on Friday. The stock’s 50 day simple moving average is $49.81 and its 200 day simple moving average 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 P/E ratio of 11.87, a P/E/G ratio of 0.93 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 quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued 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 dividend yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.

Truist Financial 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.