CIBC Asset Management Inc Buys 116,794 Shares of Truist Financial Corporation $TFC

CIBC Asset Management Inc raised its position in shares of Truist Financial Corporation (NYSE:TFC) by 47.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 362,121 shares of the insurance provider’s stock after purchasing an additional 116,794 shares during the period. CIBC Asset Management Inc’s holdings in Truist Financial were worth $17,820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Maseco LLP grew its stake in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its holdings in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the last quarter. Ancora Advisors LLC lifted its position in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the period. Bare Financial Services Inc boosted its position in Truist Financial by 56.9% in the fourth quarter. Bare Financial Services Inc now owns 822 shares of the insurance provider’s stock valued at $40,000 after buying an additional 298 shares during the last quarter. Finally, Quest 10 Wealth Builders Inc. boosted its holdings in shares of Truist Financial by 2,178.4% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock valued at $42,000 after acquiring an additional 806 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Up 3.7%

Shares of TFC opened at $49.16 on Friday. Truist Financial Corporation has a 12-month low of $38.83 and a 12-month high of $56.19. The firm has a market capitalization of $61.25 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.81 and a beta of 0.89. The firm has a 50-day moving average price of $48.55 and a 200 day moving average price of $48.96. 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 posted its earnings results 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. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.87 EPS. Sell-side analysts forecast that Truist Financial Corporation will post 4.52 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 given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Royal Bank Of Canada increased their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Robert W. Baird cut shares of 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. Finally, JPMorgan Chase & Co. cut their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.