Legato Capital Management LLC Buys New Position in Truist Financial Corporation $TFC

Legato Capital Management LLC bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,230 shares of the insurance provider’s stock, valued at approximately $2,324,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter valued at approximately $28,000. Maseco LLP raised its holdings in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its holdings in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 431 shares in the last quarter. Ancora Advisors LLC grew its stake in 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 purchasing an additional 500 shares during the period. Finally, Bare Financial Services Inc grew its stake in 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 purchasing an additional 298 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on TFC. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. JPMorgan Chase & Co. reduced their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Truist Financial Trading Up 1.2%

NYSE TFC opened at $48.45 on Friday. Truist Financial Corporation has a 12 month low of $38.27 and a 12 month high of $56.19. The stock has a market cap of $60.37 billion, a P/E ratio of 12.02, a P/E/G ratio of 0.83 and a beta of 0.92. The stock’s fifty day moving average price is $47.87 and its 200-day moving average price is $48.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the firm posted $0.87 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio is currently 51.61%.

Truist Financial 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.