MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $1.59 Million Holdings in Truist Financial Co. (NYSE:TFC)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 1,312.1% in the 1st quarter, HoldingsChannel reports. The fund owned 40,682 shares of the insurance provider’s stock after purchasing an additional 37,801 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in Truist Financial were worth $1,586,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Applied Capital LLC FL lifted its position in Truist Financial by 4.9% during the first quarter. Applied Capital LLC FL now owns 30,704 shares of the insurance provider’s stock worth $1,197,000 after acquiring an additional 1,425 shares during the last quarter. Aviance Capital Partners LLC acquired a new position in Truist Financial during the first quarter valued at approximately $332,000. LVW Advisors LLC raised its position in Truist Financial by 25.4% during the first quarter. LVW Advisors LLC now owns 21,662 shares of the insurance provider’s stock valued at $844,000 after purchasing an additional 4,394 shares in the last quarter. Mayfair Advisory Group LLC raised its position in Truist Financial by 13.0% during the first quarter. Mayfair Advisory Group LLC now owns 16,442 shares of the insurance provider’s stock valued at $641,000 after purchasing an additional 1,895 shares in the last quarter. Finally, SteelPeak Wealth LLC raised its position in Truist Financial by 3.6% during the first quarter. SteelPeak Wealth LLC now owns 224,380 shares of the insurance provider’s stock valued at $8,746,000 after purchasing an additional 7,890 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE TFC opened at $39.56 on Wednesday. The firm’s 50-day moving average price is $37.92 and its 200-day moving average price is $37.17. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $40.51. The firm has a market capitalization of $52.94 billion, a P/E ratio of -29.97, a P/E/G ratio of 2.04 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Co. will post 3.36 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. Truist Financial’s dividend payout ratio is presently -157.58%.

Analyst Ratings Changes

Several brokerages have commented on TFC. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, June 26th. HSBC boosted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8th. Stephens boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

About Truist Financial

Truist Financial Corporation, a financial services 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.