Cornerstone Wealth Group LLC Has $6.72 Million Holdings in Truist Financial Corporation $TFC

Cornerstone Wealth Group LLC decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,612 shares of the insurance provider’s stock after selling 10,190 shares during the period. Cornerstone Wealth Group LLC’s holdings in Truist Financial were worth $6,721,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TFC. Auto Owners Insurance Co increased its holdings in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares during the last quarter. Norges Bank acquired a new stake in Truist Financial during the 4th quarter valued at $502,340,000. American Assets Investment Management LLC lifted its holdings in Truist Financial by 781.2% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC opened at $50.48 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day simple moving average of $49.17 and a 200 day simple moving average of $49.34. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a market capitalization of $62.90 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share 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 firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the business earned $0.87 EPS. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. Research analysts expect that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.52 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is 51.61%.

Analysts Set New Price Targets

Several research firms have commented on TFC. Morgan Stanley decreased their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a 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 note on Friday, May 1st. Royal Bank Of Canada lifted their target price on shares of 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 lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.79.

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.