Greenleaf Trust increased its stake in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 8.0% during the second quarter, HoldingsChannel.com reports. The fund owned 17,385 shares of the insurance provider’s stock after purchasing an additional 1,285 shares during the period. Greenleaf Trust’s holdings in Truist Financial were worth $825,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Walker Asset Management LLC acquired a new position in shares of Truist Financial during the 2nd quarter valued at about $306,000. Verity Asset Management Inc. bought a new stake in Truist Financial during the 1st quarter valued at approximately $64,000. AdvisorNet Financial Inc boosted its stake in Truist Financial by 4.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 5,854 shares of the insurance provider’s stock valued at $278,000 after purchasing an additional 235 shares during the period. M Holdings Securities Inc. bought a new stake in Truist Financial during the 1st quarter valued at approximately $262,000. Finally, Davis R M Inc. boosted its stake in Truist Financial by 18.2% during the 1st quarter. Davis R M Inc. now owns 9,213 shares of the insurance provider’s stock valued at $522,000 after purchasing an additional 1,421 shares during the period. Institutional investors and hedge funds own 73.31% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Evercore ISI downgraded Truist Financial from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $47.00 in a research note on Wednesday, October 19th. JPMorgan Chase & Co. decreased their target price on Truist Financial from $48.50 to $47.50 in a research note on Wednesday, November 2nd. Compass Point decreased their target price on Truist Financial to $45.00 in a research note on Thursday, October 20th. The Goldman Sachs Group decreased their target price on Truist Financial from $57.00 to $51.00 and set a “buy” rating for the company in a research note on Friday, September 30th. Finally, StockNews.com downgraded Truist Financial from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $55.09.
Truist Financial Price Performance
Truist Financial (NYSE:TFC – Get Rating) last posted its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.05). The company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.96 billion. Truist Financial had a return on equity of 12.13% and a net margin of 26.16%. Truist Financial’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 EPS. On average, sell-side analysts forecast that Truist Financial Co. will post 4.92 EPS for the current fiscal year.
Truist Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be issued a dividend of $0.52 per share. The ex-dividend date is Wednesday, November 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.48%. Truist Financial’s dividend payout ratio is 47.71%.
Truist Financial Profile
Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. The firm operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The Consumer Banking and Wealth segment consists of Retail Community Banking, National Consumer Finance, Services, Payments, Wealth Management and Banking Products and Professional Services and Mortgage Banking.
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