Global Assets Advisory LLC Takes $3.48 Million Position in Truist Financial Co. (NYSE:TFC)

Global Assets Advisory LLC purchased a new position in shares of Truist Financial Co. (NYSE:TFC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,285 shares of the insurance provider’s stock, valued at approximately $3,480,000.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Truist Financial during the fourth quarter worth about $307,787,000. Parnassus Investments LLC purchased a new stake in Truist Financial in the 4th quarter worth approximately $95,049,000. Azora Capital LP purchased a new stake in Truist Financial in the 4th quarter worth approximately $72,498,000. Charles Schwab Investment Management Inc. grew its stake in shares of Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after buying an additional 1,458,248 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in shares of Truist Financial by 9,218.0% during the 4th quarter. Panagora Asset Management Inc. now owns 1,205,191 shares of the insurance provider’s stock valued at $44,496,000 after buying an additional 1,192,257 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TFC. Piper Sandler boosted their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Jefferies Financial Group upped their target price 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. Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 price objective on shares of Truist Financial in a report on Monday, April 22nd. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $42.00 in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Price Performance

NYSE:TFC opened at $37.46 on Tuesday. The firm has a market cap of $50.13 billion, a PE ratio of -28.38, a price-to-earnings-growth ratio of 1.93 and a beta of 1.06. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $40.51. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company’s 50-day moving average price is $37.76 and its two-hundred day moving average price is $37.07.

Truist Financial (NYSE:TFC) last issued its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share. On average, equities analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Truist Financial Company 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.