Newbridge Financial Services Group Inc. Has $55,000 Stock Holdings in Truist Financial Co. (NYSE:TFC)

Newbridge Financial Services Group Inc. lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 57.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,500 shares of the insurance provider’s stock after selling 2,016 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Truist Financial were worth $55,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bleakley Financial Group LLC grew its holdings in shares of Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock valued at $1,104,000 after buying an additional 1,731 shares during the period. Natixis Advisors L.P. boosted its stake in Truist Financial by 30.9% in the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after purchasing an additional 88,035 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares during the period. Parnassus Investments LLC acquired a new position in Truist Financial in the 4th quarter worth $95,049,000. Finally, Rafferty Asset Management LLC boosted its stake in Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after purchasing an additional 382,976 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Jefferies Financial Group boosted their price target on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. UBS Group boosted their price target on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Citigroup boosted their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

Truist Financial Stock Up 2.2 %

Truist Financial stock opened at $36.57 on Wednesday. The stock has a market cap of $48.93 billion, a P/E ratio of -27.70, a P/E/G ratio of 1.77 and a beta of 1.06. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $40.51. The company’s 50-day moving average price is $37.77 and its two-hundred day moving average price is $36.98.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 EPS. As a group, analysts expect that Truist Financial Co. will post 3.36 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.69%. Truist Financial’s payout ratio is presently -157.58%.

About Truist Financial

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.