Bank of New York Mellon Corp Boosts Holdings in Truist Financial Corporation $TFC

Bank of New York Mellon Corp boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 37.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,500,542 shares of the insurance provider’s stock after buying an additional 2,867,449 shares during the quarter. Bank of New York Mellon Corp’s holdings in Truist Financial were worth $516,732,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Maseco LLP boosted its stake in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the period. Ancora Advisors LLC boosted its stake in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the period. Bare Financial Services Inc boosted its stake in shares of Truist Financial by 56.9% during the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock valued at $40,000 after purchasing an additional 298 shares during the period. Finally, Quest 10 Wealth Builders Inc. boosted its stake in shares of Truist Financial by 2,178.4% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock valued at $42,000 after purchasing an additional 806 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

TFC stock opened at $47.51 on Thursday. The firm has a market cap of $59.19 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 0.82 and a beta of 0.89. The firm has a 50-day simple moving average of $48.47 and a two-hundred day simple moving average of $48.93. Truist Financial Corporation has a one year low of $38.83 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. On average, equities analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TFC. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Evercore reissued an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Jefferies Financial Group reissued a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.59.

About Truist Financial

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.