Socorro Asset Management LP Has $4.79 Million Stock Holdings in Truist Financial Corporation $TFC

Socorro Asset Management LP trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 9.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,287 shares of the insurance provider’s stock after selling 10,660 shares during the period. Truist Financial comprises approximately 2.2% of Socorro Asset Management LP’s portfolio, making the stock its 29th biggest holding. Socorro Asset Management LP’s holdings in Truist Financial were worth $4,794,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new position in Truist Financial in the fourth quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. McMillan Office Inc. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $31,000. Ancora Advisors LLC grew its position 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 acquiring an additional 500 shares in the last quarter. Finally, Maseco LLP grew its position in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.6%

Truist Financial stock opened at $52.09 on Tuesday. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month 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 0.73. The stock has a market cap of $64.90 billion, a P/E ratio of 11.95, a P/E/G ratio of 0.94 and a beta of 0.89. The company’s fifty day simple moving average is $49.91 and its 200-day simple moving average is $49.56.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (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 firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same quarter last year, the firm earned $0.91 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TFC shares. Evercore restated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a research note on Monday, July 6th. Royal Bank Of Canada lifted their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Bank of America reissued a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Robert W. Baird raised their target price on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.61.

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.