Pacer Advisors Inc. Reduces Stock Position in Truist Financial Corporation $TFC

Pacer Advisors Inc. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 10.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 129,181 shares of the insurance provider’s stock after selling 15,174 shares during the period. Pacer Advisors Inc.’s holdings in Truist Financial were worth $6,357,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wellington Management Group LLP lifted its position in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after buying an additional 10,310,523 shares during the period. Norges Bank purchased a new stake in shares of Truist Financial in the 4th quarter worth about $502,340,000. American Assets Investment Management LLC grew its position in shares of Truist Financial by 781.2% in the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after buying an additional 3,000,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after acquiring an additional 2,867,449 shares in the last quarter. Finally, Azora Capital LP bought a new position in shares of Truist Financial in the 3rd quarter worth about $115,417,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TFC shares. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Friday, May 1st. Royal Bank Of Canada increased their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. reduced their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Finally, Stephens initiated coverage on Truist Financial in a research report on Monday, June 15th. They issued an “overweight” rating and a $59.00 price target for the company. Ten investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.79.

Truist Financial Stock Down 0.0%

Truist Financial stock opened at $48.33 on Monday. Truist Financial Corporation has a one year low of $39.94 and a one year high of $56.19. The stock has a fifty day moving average of $49.16 and a 200 day moving average of $49.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $60.21 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results 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 return on equity of 9.55% and a net margin of 18.14%.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 firm posted $0.87 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued 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 dividend yield of 4.3%. Truist Financial’s dividend payout ratio (DPR) is presently 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.