Persistent Asset Partners Ltd Invests $921,000 in Truist Financial Corporation $TFC

Persistent Asset Partners Ltd bought a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,710 shares of the insurance provider’s stock, valued at approximately $921,000.

Several other institutional investors have also modified their holdings of TFC. Vanguard Group Inc. lifted its position in Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after acquiring an additional 701,049 shares during the last quarter. Capital International Investors boosted its holdings in shares of Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the period. Victory Capital Management Inc. raised its position in Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares during the last quarter. Morgan Stanley increased its stake in Truist Financial by 2.9% in the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after purchasing an additional 597,255 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Truist Financial by 1.1% during the fourth quarter. Federated Hermes Inc. now owns 10,563,583 shares of the insurance provider’s stock worth $519,834,000 after buying an additional 117,925 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TFC. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, May 1st. Stephens began coverage on shares of Truist Financial in a report on Monday. They issued an “overweight” rating and a $59.00 target price on the stock. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Royal Bank Of Canada lifted their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Ten investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.79.

Truist Financial Trading Up 1.4%

Shares of TFC stock opened at $49.15 on Wednesday. Truist Financial Corporation has a fifty-two week low of $38.88 and a fifty-two week high of $56.19. 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 business has a fifty day simple moving average of $49.16 and a 200-day simple moving average of $49.22. The stock has a market cap of $61.24 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.83 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. 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 company earned $0.87 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. On average, analysts forecast that Truist Financial Corporation will post 4.5 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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