Cibc World Market Inc. Acquires 11,245 Shares of Truist Financial Corporation $TFC

Cibc World Market Inc. boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 6.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 185,286 shares of the insurance provider’s stock after buying an additional 11,245 shares during the period. Cibc World Market Inc.’s holdings in Truist Financial were worth $9,118,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in TFC. Brighton Jones LLC increased its position in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP increased its position in shares of Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $575,000. AXA S.A. increased its position in shares of Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC increased its position in shares of Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of TFC stock opened at $49.24 on Friday. The stock’s fifty day simple moving average is $48.63 and its 200 day simple moving average is $48.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $61.35 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 0.84 and a beta of 0.89. Truist Financial Corporation has a one year low of $38.83 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last announced 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 for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.87 EPS. On average, analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s payout ratio is currently 51.61%.

Analyst Ratings Changes

A number of research firms have recently issued reports on TFC. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Royal Bank Of Canada boosted their price objective on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. lowered their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

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.