Auto Owners Insurance Co Purchases 13,884,480 Shares of Truist Financial Corporation $TFC

Auto Owners Insurance Co boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 4,821.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,172,480 shares of the insurance provider’s stock after purchasing an additional 13,884,480 shares during the period. Auto Owners Insurance Co’s holdings in Truist Financial were worth $697,428,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. 3Chopt Investment Partners LLC raised its holdings in shares of Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock valued at $724,000 after acquiring an additional 193 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares during the period. AlphaCore Capital LLC lifted its position in Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after purchasing an additional 199 shares during the period. CYBER HORNET ETFs LLC raised its position in Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after acquiring an additional 199 shares in the last quarter. Finally, Mindset Wealth Management LLC grew its holdings in Truist Financial by 0.6% in the fourth quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider’s stock valued at $1,706,000 after purchasing an additional 201 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $48.33 on Friday. Truist Financial Corporation has a 12-month low of $39.94 and a 12-month high of $56.19. The stock has a 50 day simple moving average of $49.16 and a 200-day simple moving average of $49.24. 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 company has a market cap of $60.21 billion, a PE ratio of 11.99, a P/E/G ratio of 0.83 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion during 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%.The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company posted $0.87 EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced 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 was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. Truist Financial’s payout ratio is 51.61%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Morgan Stanley reduced their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Finally, Royal Bank Of Canada boosted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.79.

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.