1832 Asset Management L.P. Raises Stake in Truist Financial Co. (NYSE:TFC)

1832 Asset Management L.P. lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 57.1% in the first quarter, Holdings Channel reports. The firm owned 497,373 shares of the insurance provider’s stock after purchasing an additional 180,745 shares during the period. 1832 Asset Management L.P.’s holdings in Truist Financial were worth $19,388,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bleakley Financial Group LLC boosted its holdings in Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after acquiring an additional 1,731 shares during the period. Natixis Advisors L.P. boosted its holdings in Truist Financial by 30.9% in the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after acquiring an additional 88,035 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after acquiring an additional 117,524 shares during the period. Parnassus Investments LLC purchased a new position in Truist Financial in the 4th quarter worth approximately $95,049,000. Finally, Rafferty Asset Management LLC boosted its holdings in Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock worth $43,760,000 after acquiring an additional 382,976 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Trading Up 0.7 %

Shares of Truist Financial stock traded up $0.30 during trading on Friday, reaching $44.42. 7,274,609 shares of the company were exchanged, compared to its average volume of 7,258,491. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $44.78. The business has a 50-day moving average price of $38.81 and a 200-day moving average price of $37.75. The firm has a market capitalization of $59.44 billion, a price-to-earnings ratio of -33.65, a P/E/G ratio of 2.07 and a beta of 1.07.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Co. will post 3.57 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.68%. Truist Financial’s payout ratio is presently -157.58%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of analyst reports. Barclays upped their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Jefferies Financial Group increased their target price on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. increased their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Bank of America increased their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Stephens upped their price target on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $45.05.

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.