Tower Research Capital LLC TRC boosted its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 62.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,551 shares of the insurance provider's stock after purchasing an additional 33,270 shares during the quarter. Tower Research Capital LLC TRC's holdings in Truist Financial were worth $3,755,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. World Investment Advisors LLC increased its stake in Truist Financial by 19.4% in the third quarter. World Investment Advisors LLC now owns 14,486 shares of the insurance provider's stock valued at $620,000 after acquiring an additional 2,355 shares during the last quarter. Arvest Bank Trust Division acquired a new position in shares of Truist Financial during the 3rd quarter worth $1,960,000. Wilmington Savings Fund Society FSB lifted its position in shares of Truist Financial by 28.3% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 323,849 shares of the insurance provider's stock worth $13,851,000 after buying an additional 71,393 shares during the last quarter. Tidal Investments LLC grew its position in Truist Financial by 6.9% in the third quarter. Tidal Investments LLC now owns 62,803 shares of the insurance provider's stock valued at $2,686,000 after acquiring an additional 4,029 shares during the last quarter. Finally, Synovus Financial Corp raised its stake in Truist Financial by 27.1% during the third quarter. Synovus Financial Corp now owns 556,243 shares of the insurance provider's stock worth $23,791,000 after acquiring an additional 118,692 shares in the last quarter. Institutional investors own 71.28% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on TFC shares. HSBC upgraded Truist Financial from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Barclays cut their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday. Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday. Argus set a $43.00 price objective on Truist Financial in a report on Monday. Finally, JPMorgan Chase & Co. dropped their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.83.
Check Out Our Latest Stock Analysis on TFC
Truist Financial Trading Down 0.6 %
Shares of NYSE:TFC traded down $0.22 during mid-day trading on Friday, reaching $37.68. 6,388,693 shares of the company were exchanged, compared to its average volume of 9,538,825. The firm's 50-day simple moving average is $40.41 and its 200 day simple moving average is $43.63. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $49.19 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.63 and a beta of 0.91.
Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the company posted $0.90 earnings per share. Equities research analysts forecast that Truist Financial Co. will post 4 EPS for the current year.
Truist Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.52%. Truist Financial's dividend payout ratio (DPR) is presently 61.36%.
About Truist Financial
(
Free Report)
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.
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