Norges Bank Takes $502.34 Million Position in Truist Financial Corporation $TFC

Norges Bank acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 10,208,097 shares of the insurance provider’s stock, valued at approximately $502,340,000.

A number of other hedge funds have also modified their holdings of the company. Maseco LLP increased its stake in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 431 shares during the period. Ancora Advisors LLC increased its stake in shares of Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the period. Bare Financial Services Inc increased its stake in shares of Truist Financial by 56.9% in the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 298 shares during the period. Finally, Quest 10 Wealth Builders Inc. increased its stake in shares of Truist Financial by 2,178.4% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 806 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Down 0.2%

TFC stock opened at $48.12 on Monday. The firm has a market cap of $59.96 billion, a PE ratio of 11.94, a P/E/G ratio of 0.82 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s fifty day moving average is $48.28 and its 200 day moving average is $48.89. Truist Financial Corporation has a one year low of $38.67 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results 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 company had revenue of $5.20 billion for 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 firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share. On average, research analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Morgan Stanley dropped their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Friday, May 1st. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $55.59.

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.