Truist Financial Co. (NYSE:TFC) Stock Position Raised by Pitcairn Co.

Pitcairn Co. boosted its position in shares of Truist Financial Co. (NYSE:TFC) by 3.4% during the 1st quarter, HoldingsChannel reports. The firm owned 18,561 shares of the insurance provider’s stock after buying an additional 618 shares during the quarter. Pitcairn Co.’s holdings in Truist Financial were worth $724,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Truist Financial during the 4th quarter worth about $307,787,000. Parnassus Investments LLC purchased a new position in Truist Financial during the 4th quarter valued at about $95,049,000. Azora Capital LP purchased a new position in Truist Financial during the 4th quarter valued at about $72,498,000. Charles Schwab Investment Management Inc. grew its stake in Truist Financial by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after acquiring an additional 1,458,248 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in Truist Financial by 48.9% during the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after acquiring an additional 1,261,598 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TFC shares. Morgan Stanley boosted their price target on Truist Financial from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wells Fargo & Company boosted their price target on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, July 17th. Finally, Barclays boosted their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.05.

Truist Financial Stock Up 1.2 %

Truist Financial stock traded up $0.51 during midday trading on Thursday, reaching $44.12. The stock had a trading volume of 9,063,319 shares, compared to its average volume of 8,535,924. The firm’s fifty day simple moving average is $38.64 and its 200-day simple moving average is $37.66. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $44.78. The stock has a market capitalization of $59.04 billion, a P/E ratio of -33.70, a price-to-earnings-growth ratio of 2.11 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 EPS. As a group, analysts expect that Truist Financial Co. will post 3.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.71%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Transactions at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

About Truist Financial

Truist Financial Corporation, a financial services 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.