Geode Capital Management LLC Has $1.42 Billion Stock Position in Truist Financial Corporation $TFC

Geode Capital Management LLC reduced its stake in shares of Truist Financial Corporation (NYSE:TFC) by 0.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,933,484 shares of the insurance provider’s stock after selling 21,339 shares during the quarter. Geode Capital Management LLC owned 2.26% of Truist Financial worth $1,417,389,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TFC. Brighton Jones LLC grew its holdings in shares of Truist Financial by 148.5% during the 4th 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 in the last quarter. Woodline Partners LP boosted its stake in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial in the second quarter valued at about $575,000. AXA S.A. boosted its stake in Truist Financial by 23.1% in the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its stake 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 valued at $292,000 after buying an additional 1,134 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.83 on Friday. The business’s 50-day moving average price is $48.19 and its 200-day moving average price is $48.87. Truist Financial Corporation has a 12 month low of $38.67 and a 12 month high of $56.19. The firm has a market capitalization of $59.59 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 0.83 and a beta of 0.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates 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. Equities research analysts forecast that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is 51.61%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TFC. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Friday, May 1st. Finally, Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

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.