Barr E S & Co. Makes New Investment in Truist Financial Corporation $TFC

Barr E S & Co. purchased a new position in shares of Truist Financial Corporation (NYSE:TFC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 12,961 shares of the insurance provider’s stock, valued at approximately $638,000.

A number of other institutional investors also recently added to or reduced their stakes in TFC. Brighton Jones LLC boosted its position in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP boosted its position in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in Truist Financial during the 2nd quarter worth $575,000. AXA S.A. boosted its position in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after acquiring an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC boosted its position in Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after acquiring an additional 1,134 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. JPMorgan Chase & Co. cut their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Stock Down 0.4%

Shares of Truist Financial stock opened at $46.93 on Friday. The stock’s fifty day moving average is $47.78 and its 200-day moving average is $48.60. The firm has a market capitalization of $58.47 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.80 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 earnings per share. Equities analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

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.