Eastern Bank Acquires New Shares in Truist Financial Co. (NYSE:TFC)

Eastern Bank bought a new stake in Truist Financial Co. (NYSE:TFC) during the 3rd quarter, Holdings Channel reports. The fund bought 4,478 shares of the insurance provider’s stock, valued at approximately $192,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Crewe Advisors LLC acquired a new stake in shares of Truist Financial in the 1st quarter valued at approximately $27,000. MFA Wealth Advisors LLC acquired a new position in Truist Financial during the second quarter valued at approximately $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial in the second quarter valued at approximately $31,000. Hobbs Group Advisors LLC bought a new position in shares of Truist Financial during the second quarter worth $38,000. Finally, Beacon Capital Management LLC grew its holdings in shares of Truist Financial by 57.4% in the 1st quarter. Beacon Capital Management LLC now owns 1,015 shares of the insurance provider’s stock valued at $40,000 after buying an additional 370 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the topic of several research analyst reports. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Argus lifted their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Price Performance

Shares of NYSE TFC opened at $43.42 on Friday. Truist Financial Co. has a twelve month low of $27.01 and a twelve month high of $45.31. The company has a market cap of $58.15 billion, a PE ratio of -30.36, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05. The business’s 50 day moving average price is $42.76 and its two-hundred day moving average price is $40.41. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period in the previous year, the firm earned $0.95 EPS. The firm’s revenue was down 15.9% compared to the same quarter last year. On average, analysts predict that Truist Financial Co. will post 3.58 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is presently -145.45%.

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.