Evolution Advisers Inc. Grows Position in Truist Financial Co. (NYSE:TFC)

Evolution Advisers Inc. increased its holdings in Truist Financial Co. (NYSE:TFC) by 4,860.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 74,849 shares of the insurance provider’s stock after acquiring an additional 73,340 shares during the quarter. Truist Financial makes up about 1.6% of Evolution Advisers Inc.’s investment portfolio, making the stock its 13th largest position. Evolution Advisers Inc.’s holdings in Truist Financial were worth $2,918,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its holdings in Truist Financial by 1.1% in the third quarter. Integrated Wealth Concepts LLC now owns 75,967 shares of the insurance provider’s stock worth $2,173,000 after purchasing an additional 816 shares in the last quarter. Morgan Stanley raised its holdings in Truist Financial by 0.3% in the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock worth $439,568,000 after purchasing an additional 39,510 shares in the last quarter. Creative Planning raised its holdings in Truist Financial by 2.5% in the third quarter. Creative Planning now owns 367,658 shares of the insurance provider’s stock worth $10,519,000 after purchasing an additional 8,862 shares in the last quarter. Resources Management Corp CT ADV increased its holdings in shares of Truist Financial by 9.2% during the third quarter. Resources Management Corp CT ADV now owns 16,600 shares of the insurance provider’s stock valued at $475,000 after acquiring an additional 1,400 shares in the last quarter. Finally, OLD National Bancorp IN increased its holdings in shares of Truist Financial by 4.7% during the third quarter. OLD National Bancorp IN now owns 232,526 shares of the insurance provider’s stock valued at $6,653,000 after acquiring an additional 10,337 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Trading Up 2.9 %

Shares of NYSE:TFC traded up $1.12 during midday trading on Thursday, reaching $40.38. 6,296,085 shares of the company’s stock were exchanged, compared to its average volume of 8,507,174. The firm’s 50 day simple moving average is $38.00 and its two-hundred day simple moving average is $37.28. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $54.03 billion, a price-to-earnings ratio of -30.39, a P/E/G ratio of 2.00 and a beta of 1.07. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $40.51.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period last year, the business posted $1.09 EPS. Truist Financial’s revenue for the quarter was down 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Co. will post 3.37 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.15%. The ex-dividend date was Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TFC. Evercore ISI restated an “in-line” rating and set a $44.00 price objective on shares of Truist Financial in a report on Thursday, May 9th. Stephens upped their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. JPMorgan Chase & Co. upped their price objective on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th. Finally, UBS Group increased their target price on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.17.

Truist Financial 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.