First Trust Advisors LP Purchases 340,702 Shares of Truist Financial Corporation $TFC

First Trust Advisors LP grew its holdings in Truist Financial Corporation (NYSE:TFC) by 9.1% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,099,225 shares of the insurance provider’s stock after purchasing an additional 340,702 shares during the quarter. First Trust Advisors LP’s holdings in Truist Financial were worth $188,441,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its position in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP boosted its position in Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial in the second quarter worth about $575,000. AXA S.A. lifted its stake in Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC increased its position in shares of Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after buying an additional 1,134 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE TFC opened at $51.73 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm’s 50-day moving average price is $49.63 and its 200-day moving average price is $49.54. The firm has a market capitalization of $64.45 billion, a P/E ratio of 11.86, a P/E/G ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the company posted $0.91 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4.57 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s payout ratio is currently 47.71%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TFC. UBS Group cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Stephens lowered their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday. Robert W. Baird lifted their target price on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.61.

About Truist Financial

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.