Fifth Third Bancorp Raises Stock Holdings in Truist Financial Corporation $TFC

Fifth Third Bancorp boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 531.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 436,355 shares of the insurance provider’s stock after acquiring an additional 367,291 shares during the period. Fifth Third Bancorp’s holdings in Truist Financial were worth $20,059,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TFC. Vanguard Group Inc. lifted its stake in shares of Truist Financial by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares in the last quarter. Capital International Investors raised its holdings in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the period. Victory Capital Management Inc. raised its holdings in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after acquiring an additional 2,226,288 shares during the period. Morgan Stanley lifted its position in shares of Truist Financial by 2.9% in the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after acquiring an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co lifted its position in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on TFC. 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 note on Tuesday, April 7th. Bank of America reiterated a “neutral” rating and set a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $54.47.

Truist Financial Stock Up 0.6%

NYSE TFC opened at $51.99 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The firm has a market capitalization of $64.78 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.91 and a beta of 0.89. The company has a fifty day moving average of $49.19 and a two-hundred day moving average of $49.44.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter last year, the firm earned $0.87 earnings per share. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, analysts predict that Truist Financial Corporation will post 4.51 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) 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.