Varma Mutual Pension Insurance Co Has $15.97 Million Stock Holdings in Truist Financial Corporation $TFC

Varma Mutual Pension Insurance Co grew its holdings in Truist Financial Corporation (NYSE:TFC) by 10.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 324,580 shares of the insurance provider’s stock after acquiring an additional 29,500 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Truist Financial were worth $15,973,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Alliance Wealth Advisors LLC grew its holdings in shares of Truist Financial by 1.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock worth $556,000 after purchasing an additional 205 shares during the last quarter. Private Trust Co. NA grew its holdings in shares of Truist Financial by 1.2% in the 4th quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider’s stock worth $924,000 after purchasing an additional 215 shares during the last quarter. Aspiriant LLC grew its holdings in shares of Truist Financial by 2.3% in the 4th quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock worth $478,000 after purchasing an additional 219 shares during the last quarter. Aprio Wealth Management LLC grew its holdings in shares of Truist Financial by 2.7% in the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after purchasing an additional 226 shares during the last quarter. Finally, Keystone Financial Group Inc. grew its holdings in shares of Truist Financial by 1.1% in the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock worth $1,070,000 after purchasing an additional 227 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on TFC. Piper Sandler upped their target price on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Stock Down 2.8%

Shares of NYSE:TFC opened at $49.48 on Tuesday. Truist Financial Corporation has a 12 month low of $38.27 and a 12 month high of $56.19. The company’s 50-day moving average price is $48.10 and its two-hundred day moving average price is $48.31. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market cap of $61.40 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.87 and a beta of 0.92.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The firm 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 company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 EPS. As a group, research analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) 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.