Congress Asset Management Co. Has $1.21 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Congress Asset Management Co. lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 8.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 29,303 shares of the insurance provider’s stock after selling 2,663 shares during the period. Congress Asset Management Co.’s holdings in Truist Financial were worth $1,206,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Comerica Bank raised its holdings in Truist Financial by 3.6% in the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider’s stock valued at $19,499,000 after acquiring an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Truist Financial by 81.7% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider’s stock valued at $48,085,000 after acquiring an additional 498,531 shares in the last quarter. David Wealth Management LLC acquired a new position in Truist Financial in the 4th quarter valued at approximately $2,354,000. Stifel Financial Corp raised its holdings in Truist Financial by 2.8% in the 4th quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider’s stock valued at $97,291,000 after acquiring an additional 60,848 shares in the last quarter. Finally, Glass Wealth Management Co LLC raised its holdings in Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after acquiring an additional 5,900 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and upped their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. TD Cowen began coverage on Truist Financial in a report on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target for the company. Stephens lowered their price objective on Truist Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Finally, Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.83.

Truist Financial Stock Up 2.6%

NYSE TFC opened at $40.66 on Monday. The firm has a market cap of $53.25 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The stock’s 50 day simple moving average is $38.43 and its 200 day simple moving average is $42.62. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period in the prior year, the company earned $0.90 EPS. As a group, sell-side analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.12%. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

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.