Mechanics Financial Corp Boosts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Mechanics Financial Corp raised its holdings in shares of Truist Financial Co. (NYSE:TFC) by 7.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,345 shares of the insurance provider’s stock after purchasing an additional 300 shares during the quarter. Mechanics Financial Corp’s holdings in Truist Financial were worth $160,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Bleakley Financial Group LLC grew its position in shares of Truist Financial by 6.1% during the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after buying an additional 1,731 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Truist Financial by 53.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares during the last quarter. International Assets Investment Management LLC raised its stake in Truist Financial by 3,359.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after purchasing an additional 1,015,338 shares during the period. Loudon Investment Management LLC lifted its position in Truist Financial by 18.5% in the third quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock valued at $3,759,000 after buying an additional 20,490 shares during the last quarter. Finally, Pathstone Family Office LLC boosted its position in shares of Truist Financial by 84.8% during the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after buying an additional 44,659 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and raised their price target for the stock from $34.00 to $42.00 in a research note on Tuesday, April 23rd. Citigroup increased their target price on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, HSBC raised their price target on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.88.

Truist Financial Price Performance

Shares of NYSE TFC traded up $0.09 during midday trading on Thursday, reaching $38.14. 3,214,500 shares of the company were exchanged, compared to its average volume of 9,451,447. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a one year low of $25.56 and a one year high of $39.29. The stock’s 50-day moving average price is $37.03 and its 200-day moving average price is $35.05. The stock has a market cap of $50.90 billion, a P/E ratio of -28.83, a PEG ratio of 1.97 and a beta of 1.07.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $1.09 earnings per share. Truist Financial’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.28 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.45%. Truist Financial’s payout ratio is -157.58%.

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.