Beese Fulmer Investment Management Inc. Has $2.25 Million Holdings in Truist Financial Co. (NYSE:TFC)

Beese Fulmer Investment Management Inc. increased its stake in shares of Truist Financial Co. (NYSE:TFC) by 47.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,981 shares of the insurance provider’s stock after purchasing an additional 23,767 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Truist Financial were worth $2,245,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its stake in Truist Financial by 8.3% in the first quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock valued at $3,411,442,000 after acquiring an additional 7,651,641 shares during the period. Geode Capital Management LLC grew its stake in Truist Financial by 1.4% in the first quarter. Geode Capital Management LLC now owns 23,931,465 shares of the insurance provider’s stock valued at $814,557,000 after acquiring an additional 332,642 shares during the period. FMR LLC grew its stake in Truist Financial by 55.2% in the first quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock valued at $731,827,000 after acquiring an additional 7,635,573 shares during the period. Moneta Group Investment Advisors LLC grew its stake in Truist Financial by 12,034.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after acquiring an additional 20,321,500 shares during the period. Finally, Dodge & Cox grew its stake in Truist Financial by 8.6% in the first quarter. Dodge & Cox now owns 20,410,797 shares of the insurance provider’s stock valued at $696,008,000 after acquiring an additional 1,614,219 shares during the period. 71.11% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock traded down $0.42 during mid-day trading on Friday, reaching $29.00. 21,392,136 shares of the company were exchanged, compared to its average volume of 9,271,370. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $53.34. The company has a fifty day simple moving average of $31.19 and a 200-day simple moving average of $32.03. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $38.63 billion, a PE ratio of 6.71, a PEG ratio of 1.74 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.08). Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.97 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial Co. will post 3.78 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $2.08 annualized dividend and a dividend yield of 7.17%. Truist Financial’s payout ratio is 48.15%.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of research analyst reports. Piper Sandler cut Truist Financial from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $36.00 to $32.00 in a research note on Friday. Barclays decreased their price objective on Truist Financial from $44.00 to $40.00 in a report on Tuesday, June 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $40.00 price objective on shares of Truist Financial in a report on Tuesday, September 12th. Odeon Capital Group downgraded Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price objective for the company. in a report on Friday, June 16th. Finally, Wells Fargo & Company decreased their price objective on Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $39.83.

Truist Financial Company Profile

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.