Eventide Asset Management LLC Makes New Investment in Truist Financial Corporation $TFC

Eventide Asset Management LLC purchased a new position in Truist Financial Corporation (NYSE:TFC) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 39,758 shares of the insurance provider’s stock, valued at approximately $1,970,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares in the last quarter. Capital International Investors raised its position in Truist Financial by 0.7% in the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after acquiring an additional 715,433 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Morgan Stanley raised its holdings in Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after buying an additional 597,255 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Truist Financial by 1.1% during the 4th quarter. Federated Hermes Inc. now owns 10,563,583 shares of the insurance provider’s stock worth $519,834,000 after buying an additional 117,925 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Down 0.1%

Shares of Truist Financial stock opened at $51.63 on Monday. The stock has a market capitalization of $64.33 billion, a P/E ratio of 12.81, a PEG ratio of 0.88 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 0.70. The stock has a 50 day moving average price of $49.10 and a two-hundred day moving average price of $49.18. Truist Financial Corporation has a 12-month low of $38.83 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.87 earnings per share. Equities analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders 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 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. JPMorgan Chase & Co. cut 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. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday. Royal Bank Of Canada boosted their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Friday, May 1st. Finally, Jefferies Financial Group restated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

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.