Patriot Financial Group Insurance Agency LLC Boosts Stock Position in Truist Financial Corporation $TFC

Patriot Financial Group Insurance Agency LLC grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 115.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 53,902 shares of the insurance provider’s stock after purchasing an additional 28,918 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Truist Financial were worth $2,478,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TFC. Auto Owners Insurance Co boosted its position in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP grew its stake in Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the period. Norges Bank acquired a new position in Truist Financial in the 4th quarter valued at $502,340,000. American Assets Investment Management LLC raised its holdings in Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after acquiring an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Truist Financial by 37.6% during the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE:TFC opened at $50.48 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $62.90 billion, a price-to-earnings ratio of 12.53, a PEG ratio of 0.86 and a beta of 0.89. The firm’s fifty day simple moving average is $49.17 and its 200 day simple moving average is $49.35. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company earned $0.87 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial Corporation will post 4.5 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s payout ratio is currently 51.61%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Finally, Morgan Stanley lowered their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.79.

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.