QRG Capital Management Inc. Grows Stock Holdings in Truist Financial Corporation $TFC

QRG Capital Management Inc. lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 79.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 151,917 shares of the insurance provider’s stock after buying an additional 67,435 shares during the period. QRG Capital Management Inc.’s holdings in Truist Financial were worth $6,984,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Kemnay Advisory Services Inc. bought a new stake in Truist Financial in the 4th quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial during the fourth quarter valued at about $26,000. McMillan Office Inc. purchased a new stake in shares of Truist Financial during the fourth quarter worth about $31,000. Maseco LLP boosted its holdings in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC grew its stake 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 purchasing an additional 431 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.1%

NYSE:TFC opened at $50.95 on Monday. The stock has a market cap of $63.47 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.87 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 company’s 50 day moving average price is $49.17 and its 200-day moving average price is $49.39. Truist Financial Corporation has a 52 week low of $40.78 and a 52 week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given 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 dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TFC. Stephens assumed coverage on Truist Financial in a research note on Monday, June 15th. They set an “overweight” rating and a $59.00 target price on the stock. Royal Bank Of Canada raised their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Finally, Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.26.

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.