Chemung Canal Trust Co. Has $519,000 Stock Holdings in Truist Financial Co. (NYSE:TFC)

Chemung Canal Trust Co. raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 140.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,323 shares of the insurance provider’s stock after purchasing an additional 7,784 shares during the period. Chemung Canal Trust Co.’s holdings in Truist Financial were worth $519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Opal Wealth Advisors LLC acquired a new position in Truist Financial during the first quarter valued at approximately $29,000. Missouri Trust & Investment Co grew its holdings in Truist Financial by 227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 593 shares during the last quarter. Rise Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter worth $32,000. Tyler Stone Wealth Management acquired a new stake in shares of Truist Financial in the third quarter worth $33,000. Finally, Morton Brown Family Wealth LLC grew its stake in shares of Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 649 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $38.85 on Friday. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $40.51. The firm has a market cap of $51.99 billion, a PE ratio of -29.43, a price-to-earnings-growth ratio of 2.04 and a beta of 1.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The business has a fifty day moving average of $37.89 and a 200-day moving average of $37.15.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period last year, the company posted $1.09 earnings per share. On average, equities research analysts predict that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TFC. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Wednesday. HSBC raised their price objective on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Barclays began coverage on shares of Truist Financial in a research note on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price objective on the stock. Piper Sandler raised their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Finally, Jefferies Financial Group raised their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.17.

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.