MQS Management LLC Takes Position in Truist Financial Co. (NYSE:TFC)

MQS Management LLC acquired a new stake in Truist Financial Co. (NYSE:TFC) in the 3rd quarter, Holdings Channel reports. The fund acquired 4,752 shares of the insurance provider’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Russell Investments Group Ltd. boosted its holdings in shares of Truist Financial by 10.6% in the first quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after acquiring an additional 22,182 shares in the last quarter. HBK Sorce Advisory LLC lifted its stake in Truist Financial by 21.8% during the first quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock valued at $303,000 after purchasing an additional 1,392 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in Truist Financial by 2.2% during the first quarter. Orion Portfolio Solutions LLC now owns 99,232 shares of the insurance provider’s stock valued at $3,868,000 after purchasing an additional 2,158 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Truist Financial by 6.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 13,006 shares of the insurance provider’s stock valued at $507,000 after purchasing an additional 766 shares during the last quarter. Finally, Nicolet Advisory Services LLC lifted its stake in Truist Financial by 42.1% during the first quarter. Nicolet Advisory Services LLC now owns 13,553 shares of the insurance provider’s stock valued at $528,000 after purchasing an additional 4,017 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on TFC. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their target price for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. 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. Barclays upped their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Argus upped their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.37.

Truist Financial Stock Performance

Shares of TFC opened at $46.54 on Friday. The company’s fifty day moving average is $43.09 and its 200-day moving average is $41.16. Truist Financial Co. has a 12 month low of $31.13 and a 12 month high of $47.57. The firm has a market cap of $61.78 billion, a price-to-earnings ratio of -32.54, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. 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 announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Equities analysts expect that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.47%. Truist Financial’s dividend payout ratio (DPR) is -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.