Parnassus Investments LLC Has $64.46 Million Stake in Truist Financial Corporation $TFC

Parnassus Investments LLC trimmed its holdings in Truist Financial Corporation (NYSE:TFC) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,309,976 shares of the insurance provider’s stock after selling 111,066 shares during the period. Parnassus Investments LLC owned 0.10% of Truist Financial worth $64,464,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Keel Point LLC lifted its holdings in Truist Financial by 1.8% during the 4th quarter. Keel Point LLC now owns 14,485 shares of the insurance provider’s stock worth $713,000 after purchasing an additional 253 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in Truist Financial by 1.6% during the 4th quarter. IFM Investors Pty Ltd now owns 269,199 shares of the insurance provider’s stock worth $13,247,000 after purchasing an additional 4,142 shares during the last quarter. SmartHarvest Portfolios LLC acquired a new stake in Truist Financial during the 4th quarter worth approximately $254,000. Empowered Funds LLC lifted its holdings in Truist Financial by 4.9% during the 4th quarter. Empowered Funds LLC now owns 48,949 shares of the insurance provider’s stock worth $2,409,000 after purchasing an additional 2,302 shares during the last quarter. Finally, Gilpin Wealth Management LLC acquired a new stake in Truist Financial during the 4th quarter worth approximately $164,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Royal Bank Of Canada lifted their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Price Performance

Shares of NYSE TFC opened at $50.72 on Friday. The stock has a market capitalization of $63.20 billion, a PE ratio of 12.59, a P/E/G ratio of 0.85 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day moving average price of $49.00 and a two-hundred day moving average price of $49.14. Truist Financial Corporation has a fifty-two week low of $38.83 and a fifty-two week high of $56.19.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s payout ratio is currently 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.