CAPROCK Group Inc. increased its holdings in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 73.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,572 shares of the insurance provider’s stock after acquiring an additional 10,007 shares during the quarter. CAPROCK Group Inc.’s holdings in Truist Financial were worth $1,337,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of TFC. Atria Investments LLC increased its holdings in shares of Truist Financial by 12.3% during the 3rd quarter. Atria Investments LLC now owns 106,690 shares of the insurance provider’s stock worth $6,257,000 after acquiring an additional 11,654 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in Truist Financial by 75.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 22,194 shares of the insurance provider’s stock valued at $679,000 after buying an additional 9,542 shares in the last quarter. Cetera Advisors LLC grew its holdings in Truist Financial by 19.5% in the 3rd quarter. Cetera Advisors LLC now owns 21,422 shares of the insurance provider’s stock valued at $1,256,000 after buying an additional 3,493 shares in the last quarter. Cetera Investment Advisers grew its holdings in Truist Financial by 19.5% in the 3rd quarter. Cetera Investment Advisers now owns 32,282 shares of the insurance provider’s stock valued at $1,893,000 after buying an additional 5,263 shares in the last quarter. Finally, Willis Investment Counsel grew its holdings in Truist Financial by 25.9% in the 3rd quarter. Willis Investment Counsel now owns 264,876 shares of the insurance provider’s stock valued at $15,535,000 after buying an additional 54,497 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on TFC. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $75.00 to $58.00 in a research report on Monday, April 11th. Piper Sandler cut their target price on Truist Financial from $69.00 to $62.00 in a research report on Wednesday, April 20th. Morgan Stanley cut their target price on Truist Financial from $72.00 to $63.00 and set an “equal weight” rating for the company in a research report on Monday, March 28th. Stephens cut their target price on Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Finally, Bank of America downgraded Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price objective for the company. in a research report on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $62.46.
Truist Financial (NYSE:TFC – Get Rating) last issued its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.11. The company had revenue of $5.33 billion during the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a return on equity of 12.70% and a net margin of 27.89%. The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.18 earnings per share. Sell-side analysts forecast that Truist Financial Co. will post 4.96 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Investors of record on Friday, May 13th were paid a dividend of $0.48 per share. The ex-dividend date was Thursday, May 12th. This represents a $1.92 annualized dividend and a yield of 4.07%. Truist Financial’s dividend payout ratio is currently 42.86%.
In other Truist Financial news, Director Steven C. Voorhees bought 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was acquired at an average price of $49.82 per share, with a total value of $996,400.00. Following the completion of the purchase, the director now directly owns 60,873 shares of the company’s stock, valued at approximately $3,032,692.86. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.31% of the company’s stock.
Truist Financial Profile (Get Rating)
Truist Financial Corporation, a holding 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.
- Get a free copy of the StockNews.com research report on Truist Financial (TFC)
- Downturn Gives These 3 Buys Juicy Dividend Yields
- Victoria’s Secret Stock is Out of the Box
- Time For a Ride in Six Flags Stock
- Why Dollar General (NYSE: DG) Should Be In Your Portfolio
- Korn Ferry Is A Good Buy For The Recession And Beyond
Want More Great Investing Ideas?
- Bear Market Game Plan!
- The 10 Best Stocks to Own in 2022
- 7 Stocks to Buy and Hold Forever
- 3 Stocks to DOUBLE This Year
Receive News & Ratings for Truist Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Truist Financial and related companies with MarketBeat.com's FREE daily email newsletter.