Truist Financial Corporation $TFC Shares Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 14.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 277,634 shares of the insurance provider’s stock after purchasing an additional 35,754 shares during the quarter. Wealthfront Advisers LLC’s holdings in Truist Financial were worth $12,763,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Auto Owners Insurance Co raised its holdings in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares during the period. Wellington Management Group LLP boosted its stake in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares during the period. Norges Bank purchased a new position in Truist Financial during the fourth quarter worth about $502,340,000. American Assets Investment Management LLC increased its position in shares of Truist Financial by 781.2% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after acquiring an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after acquiring an additional 2,867,449 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Stephens assumed coverage on Truist Financial in a research note on Monday, June 15th. They set an “overweight” rating and a $59.00 price target on the stock. Finally, Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $54.47.

Truist Financial Stock Up 0.5%

Shares of NYSE:TFC opened at $53.08 on Friday. The firm has a market capitalization of $66.13 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 0.93 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm’s 50-day moving average is $49.33 and its two-hundred day moving average is $49.48.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.87 earnings per share. Analysts predict that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.9%. Truist Financial’s dividend payout ratio is 51.61%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.