Cerity Partners LLC Boosts Position in Truist Financial Corporation $TFC

Cerity Partners LLC increased its stake in Truist Financial Corporation (NYSE:TFC) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 601,445 shares of the insurance provider’s stock after buying an additional 24,457 shares during the period. Cerity Partners LLC’s holdings in Truist Financial were worth $29,598,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Maseco LLP increased its stake in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC increased its stake in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. Ancora Advisors LLC increased its stake in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the period. Bare Financial Services Inc increased its stake in Truist Financial by 56.9% in the 4th quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock worth $40,000 after buying an additional 298 shares during the period. Finally, Quest 10 Wealth Builders Inc. increased its stake in Truist Financial by 2,178.4% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock worth $42,000 after buying an additional 806 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley dropped their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Friday, May 1st. Royal Bank Of Canada increased their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Nine equities 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Stock Up 0.7%

Shares of Truist Financial stock opened at $49.78 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1 year low of $38.83 and a 1 year high of $56.19. The firm’s 50-day moving average is $48.90 and its two-hundred day moving average is $49.10. The stock has a market cap of $62.01 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.85 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating 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 business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the business earned $0.87 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. As a group, research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial Company 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.