Continental Advisors LLC cut its holdings in Truist Financial Co. (NYSE:TFC) by 20.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 57,706 shares of the insurance provider’s stock after selling 15,144 shares during the quarter. Truist Financial comprises 1.6% of Continental Advisors LLC’s holdings, making the stock its 21st biggest position. Continental Advisors LLC’s holdings in Truist Financial were worth $3,365,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of TFC. California State Teachers Retirement System lifted its stake in Truist Financial by 1.1% in the 1st quarter. California State Teachers Retirement System now owns 2,461,311 shares of the insurance provider’s stock valued at $143,544,000 after acquiring an additional 27,294 shares in the last quarter. Aptus Capital Advisors LLC lifted its stake in Truist Financial by 7.4% in the 1st quarter. Aptus Capital Advisors LLC now owns 52,660 shares of the insurance provider’s stock valued at $3,071,000 after acquiring an additional 3,640 shares in the last quarter. Trexquant Investment LP lifted its stake in Truist Financial by 114.7% in the 1st quarter. Trexquant Investment LP now owns 23,585 shares of the insurance provider’s stock valued at $1,375,000 after acquiring an additional 12,599 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Truist Financial by 167.9% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 328,167 shares of the insurance provider’s stock valued at $19,139,000 after acquiring an additional 205,653 shares in the last quarter. Finally, Amundi Asset Management US Inc. lifted its stake in Truist Financial by 230.8% in the 1st quarter. Amundi Asset Management US Inc. now owns 6,066,428 shares of the insurance provider’s stock valued at $353,794,000 after acquiring an additional 4,232,707 shares in the last quarter. Institutional investors and hedge funds own 71.85% of the company’s stock.
A number of brokerages have recently issued reports on TFC. Zacks Investment Research upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, July 1st. Raymond James reiterated a “market perform” rating on shares of Truist Financial in a research note on Monday, May 17th. Stephens upped their price objective on Truist Financial from $54.00 to $66.00 in a research note on Tuesday, March 30th. Odeon Capital Group cut Truist Financial from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Morgan Stanley upped their price objective on Truist Financial from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 24th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $60.36.
Shares of TFC stock traded down $0.95 during trading on Thursday, reaching $54.33. 133,726 shares of the company’s stock were exchanged, compared to its average volume of 4,780,164. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $73.07 billion, a PE ratio of 11.08, a PEG ratio of 1.12 and a beta of 1.33. Truist Financial Co. has a twelve month low of $34.86 and a twelve month high of $62.69. The business has a fifty day moving average price of $57.46.
Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, July 14th. The insurance provider reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.38. Truist Financial had a return on equity of 11.13% and a net margin of 23.46%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period in the previous year, the firm earned $0.82 EPS. The firm’s revenue was up 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Co. will post 5.13 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 1st. Shareholders of record on Friday, May 14th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Thursday, May 13th. Truist Financial’s dividend payout ratio is 47.37%.
Truist Financial Profile
Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
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