Rockefeller Capital Management L.P. Acquires 31,123 Shares of Truist Financial Corporation $TFC

Rockefeller Capital Management L.P. lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 9.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 349,742 shares of the insurance provider’s stock after buying an additional 31,123 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Truist Financial were worth $17,211,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Vanguard Group Inc. increased its position in Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after acquiring an additional 701,049 shares in the last quarter. Capital International Investors lifted its position in shares of Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares during the last quarter. Morgan Stanley grew its stake in shares of Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co increased its holdings in shares of Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $49.68 on Wednesday. The firm has a fifty day moving average of $49.13 and a two-hundred day moving average of $49.29. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $61.90 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.84 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the company earned $0.87 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Corporation will post 4.5 EPS 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 issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is 51.61%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Morgan Stanley dropped their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. cut their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

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.