Legal & General Group Plc Boosts Stock Holdings in Truist Financial Corporation $TFC

Legal & General Group Plc boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,946,971 shares of the insurance provider’s stock after buying an additional 44,167 shares during the period. Legal & General Group Plc owned 0.62% of Truist Financial worth $391,070,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TFC. Independent Advisor Alliance grew its position in shares of Truist Financial by 9.7% in the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares in the last quarter. Cullen Capital Management LLC grew its position in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after purchasing an additional 427,067 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Truist Financial by 18.6% in the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after purchasing an additional 26,530 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Truist Financial by 2.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after purchasing an additional 10,706 shares in the last quarter. Finally, Versor Investments LP grew its position in shares of Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock valued at $1,143,000 after purchasing an additional 9,800 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TFC. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Friday, May 1st. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. 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 research report on Tuesday, April 7th. Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Trading Up 0.7%

TFC opened at $48.70 on Wednesday. Truist Financial Corporation has a one year low of $38.67 and a one year high of $56.19. The stock has a market capitalization of $60.67 billion, a PE ratio of 12.08, a P/E/G ratio of 0.83 and a beta of 0.92. The business’s 50 day moving average price is $48.05 and its 200 day moving average price is $48.82. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

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

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date is 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 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.