Meadowbrook Advisors Group LLC Takes Position in Truist Financial Corporation $TFC

Meadowbrook Advisors Group LLC purchased a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 24,882 shares of the insurance provider’s stock, valued at approximately $1,224,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Auto Owners Insurance Co boosted its holdings in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP raised its position in Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares during the last quarter. Norges Bank acquired a new stake in Truist Financial in the fourth quarter valued at about $502,340,000. American Assets Investment Management LLC boosted its holdings in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Truist Financial by 37.6% during the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on TFC. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. JPMorgan Chase & Co. dropped their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley dropped their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Finally, Stephens began coverage on shares of Truist Financial in a research note on Monday, June 15th. They issued an “overweight” rating and a $59.00 price objective on the stock. Ten 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’s stock. According to data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average price target of $55.79.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $48.33 on Friday. The business has a fifty day simple moving average of $49.16 and a 200-day simple moving average of $49.24. Truist Financial Corporation has a 52 week low of $39.94 and a 52 week high of $56.19. The company has a market cap of $60.21 billion, a P/E ratio of 11.99, a P/E/G ratio of 0.83 and a beta of 0.89. 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 (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the business earned $0.87 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. Equities research analysts forecast that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Truist Financial 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.