Truist Financial Corporation $TFC Stock Position Increased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership raised its position in Truist Financial Corporation (NYSE:TFC) by 22.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 4,847,865 shares of the insurance provider’s stock after acquiring an additional 877,329 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Truist Financial were worth $222,856,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TFC. Caxton Associates LLP increased its stake in shares of Truist Financial by 101.9% during the first quarter. Caxton Associates LLP now owns 38,416 shares of the insurance provider’s stock valued at $1,766,000 after acquiring an additional 19,390 shares during the period. Inceptionr LLC acquired a new position in shares of Truist Financial in the 1st quarter valued at $1,965,000. Bank of Nova Scotia increased its stake in Truist Financial by 39.2% in the 1st quarter. Bank of Nova Scotia now owns 416,074 shares of the insurance provider’s stock worth $19,127,000 after purchasing an additional 117,249 shares in the last quarter. Sei Investments Co. increased its stake in Truist Financial by 19.9% in the 1st quarter. Sei Investments Co. now owns 771,530 shares of the insurance provider’s stock worth $35,468,000 after purchasing an additional 128,232 shares in the last quarter. Finally, Keynote Financial Services LLC raised its holdings in Truist Financial by 11.9% during the 1st quarter. Keynote Financial Services LLC now owns 5,304 shares of the insurance provider’s stock worth $244,000 after buying an additional 564 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on TFC shares. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $53.00 target price (down from $53.50) on shares of Truist Financial in a research note on Monday, July 20th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Bank of America restated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.61.

Truist Financial Stock Up 1.1%

Shares of TFC opened at $51.75 on Friday. The stock has a market cap of $64.48 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 0.93 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a 50-day moving average price of $49.81 and a two-hundred day moving average price of $49.56.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. Equities analysts predict that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is currently 47.71%.

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.