Austin Asset Management Co Inc Takes Position in Truist Financial Corporation $TFC

Austin Asset Management Co Inc acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,309 shares of the insurance provider’s stock, valued at approximately $520,000.

Several other institutional investors also recently modified their holdings of the stock. 3Chopt Investment Partners LLC grew its stake in Truist Financial by 1.3% in the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after buying an additional 193 shares in the last quarter. IFP Advisors Inc raised its position in shares of Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after buying an additional 194 shares in the last quarter. PCB Capital LLC lifted its holdings in shares of Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after acquiring an additional 198 shares during the last quarter. AlphaCore Capital LLC lifted its holdings in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after acquiring an additional 199 shares during the last quarter. Finally, CYBER HORNET ETFs LLC grew its position in Truist Financial by 5.5% in the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 199 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

Shares of TFC stock opened at $49.70 on Thursday. The stock has a fifty day moving average of $49.15 and a 200 day moving average of $49.41. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $61.93 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating 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 in the previous year, the firm posted $0.87 EPS. The business’s revenue was up 5.0% on a year-over-year basis. As a group, research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current 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 issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is 51.61%.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. Stephens started coverage on Truist Financial in a research note on Monday, June 15th. They issued an “overweight” rating and a $59.00 target price on the stock. Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Evercore reiterated an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a research report on Monday. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Finally, Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $54.47.

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.