Truist Financial Co. (NYSE:TFC) Shares Bought by Empirical Finance LLC

Empirical Finance LLC raised its position in Truist Financial Co. (NYSE:TFC) by 3.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 47,938 shares of the insurance provider’s stock after acquiring an additional 1,619 shares during the period. Empirical Finance LLC’s holdings in Truist Financial were worth $1,869,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. CFO4Life Group LLC acquired a new position in Truist Financial during the 1st quarter worth approximately $205,000. Ballast Inc. grew its holdings in Truist Financial by 4.4% during the first quarter. Ballast Inc. now owns 40,801 shares of the insurance provider’s stock worth $1,590,000 after acquiring an additional 1,712 shares during the period. Manchester Capital Management LLC grew its holdings in Truist Financial by 147.8% during the first quarter. Manchester Capital Management LLC now owns 2,823 shares of the insurance provider’s stock worth $110,000 after acquiring an additional 1,684 shares during the period. Evolution Advisers Inc. raised its position in Truist Financial by 4,860.2% in the first quarter. Evolution Advisers Inc. now owns 74,849 shares of the insurance provider’s stock worth $2,918,000 after acquiring an additional 73,340 shares in the last quarter. Finally, Disciplined Equity Management Inc. acquired a new stake in Truist Financial in the first quarter valued at $1,999,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TFC shares. UBS Group increased their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, July 4th. Evercore ISI restated an “in-line” rating and issued a $44.00 price target on shares of Truist Financial in a report on Thursday, May 9th. Stephens lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

Truist Financial Stock Up 0.3 %

TFC stock opened at $40.51 on Friday. The company has a 50 day moving average price of $38.08 and a two-hundred day moving average price of $37.33. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $54.21 billion, a P/E ratio of -30.69, a PEG ratio of 2.02 and a beta of 1.07. Truist Financial Co. has a one year low of $26.57 and a one year high of $40.81.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the business earned $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. As a group, sell-side analysts expect that Truist Financial Co. will post 3.37 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.13%. Truist Financial’s payout ratio is currently -157.58%.

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.