Allstate Corp Boosts Holdings in Truist Financial Corporation $TFC

Allstate Corp increased its holdings in Truist Financial Corporation (NYSE:TFC) by 100.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,148 shares of the insurance provider’s stock after purchasing an additional 49,697 shares during the period. Allstate Corp’s holdings in Truist Financial were worth $4,879,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TFC. Brighton Jones LLC increased its stake in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP boosted its holdings in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial in the second quarter worth about $575,000. AXA S.A. boosted its holdings in Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after acquiring an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in Truist Financial by 20.1% in the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after acquiring an additional 1,134 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.7%

Shares of TFC opened at $48.70 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a one year low of $38.67 and a one year high of $56.19. The stock has a market capitalization of $60.67 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 0.83 and a beta of 0.92. The stock has a 50 day moving average price of $48.05 and a 200 day moving average price of $48.82.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 earnings per share. Equities research analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. JPMorgan Chase & Co. reduced their target price on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Finally, Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Truist Financial 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.