Colony Group LLC cut its holdings in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 31.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,122 shares of the insurance provider's stock after selling 19,622 shares during the quarter. Colony Group LLC's holdings in Truist Financial were worth $1,998,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in TFC. Worldquant Millennium Advisors LLC purchased a new stake in shares of Truist Financial in the 2nd quarter valued at approximately $7,753,000. Intrust Bank NA increased its position in shares of Truist Financial by 18.7% in the 2nd quarter. Intrust Bank NA now owns 29,416 shares of the insurance provider's stock valued at $1,395,000 after purchasing an additional 4,643 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Truist Financial by 11.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,714,155 shares of the insurance provider's stock valued at $81,303,000 after purchasing an additional 176,976 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Truist Financial by 52.2% in the 2nd quarter. Prudential Financial Inc. now owns 3,445,060 shares of the insurance provider's stock valued at $163,395,000 after purchasing an additional 1,181,049 shares during the last quarter. Finally, Crawford Investment Counsel Inc. increased its position in shares of Truist Financial by 31.9% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 12,478 shares of the insurance provider's stock valued at $592,000 after purchasing an additional 3,016 shares during the last quarter. 73.31% of the stock is currently owned by institutional investors and hedge funds.
Get Truist Financial alerts:Truist Financial Stock Up 3.3 %
TFC stock opened at $43.46 on Tuesday. Truist Financial Co. has a one year low of $40.01 and a one year high of $68.95. The stock has a market capitalization of $57.66 billion, a PE ratio of 9.97, a price-to-earnings-growth ratio of 1.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.77 and a current ratio of 0.78. The company has a fifty day moving average of $44.33 and a 200-day moving average of $46.71.
Truist Financial (NYSE:TFC – Get Rating) last released its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.02). Truist Financial had a return on equity of 12.13% and a net margin of 26.16%. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.96 billion. During the same quarter last year, the business posted $1.42 EPS. The firm's revenue was up 5.4% on a year-over-year basis. As a group, analysts expect that Truist Financial Co. will post 4.91 EPS for the current year.Truist Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Thursday, November 10th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend was Wednesday, November 9th. Truist Financial's dividend payout ratio (DPR) is 47.71%.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on TFC shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Truist Financial from $70.00 to $61.00 and set a "buy" rating on the stock in a research report on Monday, September 12th. Evercore ISI downgraded shares of Truist Financial from an "outperform" rating to a "neutral" rating and dropped their target price for the company from $54.00 to $47.00 in a research report on Wednesday, October 19th. StockNews.com downgraded shares of Truist Financial from a "buy" rating to a "hold" rating in a research report on Thursday, November 24th. Compass Point dropped their target price on shares of Truist Financial to $45.00 in a research report on Thursday, October 20th. Finally, The Goldman Sachs Group dropped their target price on shares of Truist Financial from $57.00 to $51.00 and set a "buy" rating on the stock in a research report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $55.09.
Truist Financial Profile
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Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.
Further Reading
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