First Trust Direct Indexing L.P. cut its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 27.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,978 shares of the insurance provider’s stock after selling 5,703 shares during the period. First Trust Direct Indexing L.P.’s holdings in Truist Financial were worth $455,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Truist Financial by 8.3% in the 1st quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock valued at $3,411,442,000 after acquiring an additional 7,651,641 shares during the period. Geode Capital Management LLC raised its stake in shares of Truist Financial by 1.4% in the 1st quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock valued at $814,557,000 after acquiring an additional 332,642 shares during the period. FMR LLC raised its stake in shares of Truist Financial by 55.2% in the 1st quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock valued at $731,827,000 after acquiring an additional 7,635,573 shares during the period. Moneta Group Investment Advisors LLC increased its stake in Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after buying an additional 20,321,500 shares during the period. Finally, Dodge & Cox increased its stake in Truist Financial by 8.6% during the 1st quarter. Dodge & Cox now owns 20,410,797 shares of the insurance provider’s stock worth $696,008,000 after buying an additional 1,614,219 shares during the period. 71.11% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on TFC shares. Barclays cut their target price on shares of Truist Financial from $44.00 to $40.00 in a research note on Tuesday, June 27th. Morgan Stanley cut their target price on shares of Truist Financial from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Friday, July 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $40.00 target price on shares of Truist Financial in a research note on Tuesday, September 12th. Raymond James raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research note on Thursday, July 6th. They noted that the move was a valuation call. Finally, Wells Fargo & Company lowered their price target on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $39.36.
Truist Financial Stock Up 2.7 %
Shares of NYSE:TFC opened at $28.84 on Tuesday. The stock has a market cap of $38.41 billion, a P/E ratio of 6.68, a P/E/G ratio of 1.69 and a beta of 1.05. The firm has a fifty day moving average price of $30.74 and a 200 day moving average price of $31.34. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.83 and a quick ratio of 0.82. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $53.34.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 EPS. Sell-side analysts predict that Truist Financial Co. will post 3.71 EPS for the current year.
Truist Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 11th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 7.21%. The ex-dividend date of this dividend was Thursday, August 10th. Truist Financial’s dividend payout ratio is currently 48.15%.
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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