Truist Financial Corporation $TFC Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in Truist Financial Corporation (NYSE:TFC) by 47.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 362,121 shares of the insurance provider’s stock after purchasing an additional 116,794 shares during the quarter. CIBC Asset Management Inc’s holdings in Truist Financial were worth $17,820,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in Truist Financial by 13,511.7% during the 3rd 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 in the 4th quarter valued at approximately $502,340,000. American Assets Investment Management LLC grew its stake in shares of Truist Financial by 781.3% in the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after acquiring an additional 3,000,000 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Truist Financial by 37.6% in the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after acquiring an additional 2,867,449 shares in the last quarter. Finally, Azora Capital LP purchased a new stake in shares of Truist Financial during the third quarter worth $115,417,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $49.16 on Friday. The company has a market cap of $61.25 billion, a P/E ratio of 12.20, a PEG ratio of 0.81 and a beta of 0.89. The firm has a fifty day moving average price of $48.55 and a 200 day moving average price of $48.96. 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 Corporation has a 12 month low of $38.83 and a 12 month high of $56.19.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is 51.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TFC. JPMorgan Chase & Co. reduced their price objective 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 upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Royal Bank Of Canada boosted their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Finally, Morgan Stanley lowered their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.59.

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.